Aaron,
We have an 04 switch V. The wake is good, not huge but a nice shape. It is more rampy like you see in the pic above. It is not really steep. The wake gets much better with weight. We have stock ballast, then put 8 friends in the boat and the wake is great. The boat is heavy in the rear, put a sac in the front walkway and the wake gets a lot harder.
The interior on the 05 is supposed to be better than the 04. That is the biggest drawback. Other than that, we have 120hrs on ours with no problems at all.
If you are looking at buying one I would get it without ballast and then add an aftermarket system.
Here are some pics of our wake.