I've got an R1 (120w-1x10) as a practice amp, I know its not the same but its in the same line so I assume similar components to a point!
I've found that mine sounds great at low volumes, practice volumes. But when I've taken it to a gig, a chilled acoustic, not playing over a band but still needing more volume than 'practice', the tone seems to be a bit lacking.
Conclusion:
Sounds great at low volumes, doesn't really cut it turned up!
But then the R5 is a much bigger amp, although I will say there's a reason why not many gigging players use Laney.
But if you're in a 'beggers can't be choosers' situation, go for it, ideally you should try it at a gig first.
If you're in no rush, and you're not sure, save up for something else perhaps.
Good luck
Si