We have used the Aremiti 5 ferry on several occasions- to begin and end trips to Moorea and for day trips to Papeete from Moorea. We have also used the slower Aremiti ferry after missing the 5, both ferry's very comfortable. Super clean, nicely air conditioned inside.
If you are planning your holiday and unsure about luggage service on the Aremiti 5- at both ends it is possible to put all of your luggage into a luggage 'crate/cage'. These can be easily located at each end (ground level at ferry terminal Papeete end, ground level at side of ferry building Moorea end, both signposted in English as well as French). No receipt/ticket is given for your bags but you will see the crate come off at the other end and be able to pick up your bags. Very convenient.
The ferry is airconditioned with good food and drink available on board. There is outdoor seating ( a bit tricky to find the door but its there). Aremiti 5 journey takes only 30 minutes so not quite long enough to get seasick if there is a swell at sea! Otherwise boat is so large that you feel little movement.

The ferry left on time and was reasonably priced. There is an open air cafe upstairs from the ticketing window so if you arrive early in the morning as we did, you can enjoy a light breakfast there. Nothing to complain about with the ferry service.

Good value, plesasnt ride on the fast ferry over to Moorea from Papeete and back for the day. We sat on top on the way over for the beautiful views. Inside on the way back for a short nap after a busy day.

Summary: Ferry is fast. Ferry is clean. Ferry is comfortable. Ferry takes cars. Ferry takes passengers. Ferry has food. Ferry staff are friendly. Ferry costs a lot less than flying.

We took the ferry from Moorea to Papeete as we moved between resorts. Our resort in Papeete sent transportation that met us just after the ferry docked. You are required to check your bags before boarding the ferry, but they come off quickly after docking.

For those taking the ferry from Papeete to Moorea on a day trip, consider renting a car to circumnavigate the island, or signing up for a tour. Many good sites and restaurants are away from the ferry. We had good luck with Albert Tours for transportation.