I'm not sure how different vB5's Admin CP is, but if vB5 still has a Options menu, then it would likely be there. Previously all AJAX features were under Message Posting and Editing Options.
AJAX loads reduces your overhead, since each of your users isn't doing complete page reloads for every comment, edit, etc. There's a considerable difference there if you have any kind of regular activity on your site, so I wouldn't really recommend turning it off if you don't have to.
JavaScript code doesn't really execute when loaded via AJAX, which is also JavaScript. It would definitely require some custom coding to get around that.
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