Google really does not like changing up a design once it settles on one, and the Pixel Watch is proof. New renders of the Pixel Watch 5 have leaked less than a week before the Made by Google event, and if you squint at them next to the Watch 4 you will struggle to spot a difference. Four generations in, the round face is still here, and so is the case for why a rectangular option would actually serve people who want more room for text and tiles on their wrist.
What's new

The renders, credited to Evan Blass along with a separate batch from OnLeaks/MyMobiles, show the Pixel Watch 5 in four finishes across the usual 41mm and 45mm case sizes. Matte Black comes with a Volcanic Black band, Polished Silver pairs with a lighter Mist band, and Satin Pyrite gets an Olive strap. All three are available in both sizes. Champagne Gold, paired with a Peach Rose band, is reportedly limited to the smaller 41mm case only.
There is a new watch face on display too, built around an analog clock with wavy background graphics and a dedicated Gemini shortcut sitting front and center on the dial.
Why it matters

A watch that looks identical to its predecessor is not automatically a bad thing. The domed display and proprietary band system carrying over means your existing Pixel Watch bands should keep working, which matters more to most owners than a redesign does. But it also means Google is leaning entirely on internals to justify the upgrade, and the internals leaked so far are incremental at best.
Key details

Separate leaks, not tied to the render drops, point to a Snapdragon W5 Gen 2 Accelerated chip replacing the standard W5 Gen 2 in the Watch 4, a modest step up rather than a generational leap. The Cortex-M55 co-processor is unchanged. Storage reportedly doubles from 32GB to 64GB, which tracks with a bigger footprint for on-device Gemini. RAM has not been confirmed by any leak so far.

Charging looks to be a sore spot for anyone hoping for a change. Nothing in the leaked materials suggests Qi wireless charging is coming. Google appears to be sticking with its proprietary charging puck, same as every Pixel Watch before it.
A price increase has been floated across multiple leak sources, but I have not seen a specific number I would trust enough to print here. Treat any figure you see elsewhere as a rumor until Google confirms it on stage.
Takeaway

The Pixel Watch 5 is shaping up to be the kind of upgrade that rewards Watch 4 owners for waiting rather than giving them a reason to switch mid-cycle. If your Watch 3 or earlier is still ticking along, the storage bump and whatever Gemini integration Google builds around that new watch face might be worth it. Everyone else can probably wait for the actual keynote on August 12.