In my experience, not that much. The 5 years experience might mean one year repeated 5 times. The person might be bored but he has no choice but to continue with web development and so on. Get somebody who is interested and smart enough for the job. Note I didn't say "the smartest".
5 years of 1 year experience repeated 5 times is better than someone that will introduce spaghetti code and security flaws simply because they've never experienced it.
It takes years to figure out patterns (when to use and not use them), good coding practices, avoiding newbie mistakes like sql injection and xss and how to actually make a deadline (its not easy to finish a project when you also have to learn the language and other skills in addition to the task at hand).
As a business owner, I don't want someone learning the above on the job and on my dime.
There is a company in MI that tried this called Compuware back in the 90s. It was a complete and utter disaster.
