POP-before-SMTP is a drop-in solution for 5.0 and 5.1.2. Just install it, and it works. I'm using it for our dialup-only remote office with no problems. It's sort of a hack, as it just compares the IP address to make sure it's recently made a connection to check for email. If I understand it correctly, it's not 100% secure, as a spammer could create a connection to you POP server (I don't think it has to be an authenticated connection. ?) and would then have access to your SMTP server. Nathan can tell you more about this...
With the 5.5 method, you use secure ports, so you do have to change some email client settings to use it. It is more secure though, and meant to be used specifically for that.
If you have other reasons for the upgrade, or are really concerned about not letting anyone else get access to your SMTP server, you could go for it. Personally, I wouldn't upgrade just for that though. FWIW, I'm still on 5.0 here, because I know it works...