I agree with CDu and Kedsy. I would say it is not intrinsically superior to have a 10-man rotation.
If you check out Inside Carolina, one of the biggest complaints they have about Coach Roy is that he tends to play too many guys and that he subs too frequently. It's almost like crazy backwards DBR in that respect.
As far as the two 5s and subbing them in waves is concerned, in the modern era I can only remember one team that did that for an entire season and was pretty successful with that strategy. The team was from Tulane University, but I can't for the life of me remember the year (maybe early 90s?). They did make the NCAA tournament and had a respectable showing. Aside from that, when I've seen coaches use whole-team substitution is has generally been in a penal fashion.
"We are not provided with wisdom, we must discover it for ourselves, after a journey through the wilderness which no one else can take for us, an effort which no one can spare us, for our wisdom is the point of view from which we come at last to regard the world." --M. Proust