I, like most people here, had the BBM 5.0 already installed on my Storm before loading the new 5.0 OS (5.0 BBM for 4.7). Not to my surprise, the BBMessenger simply disappeared after installing the OS - it was showing in the list of applications, but there was no shortcut to load it in my home screen or inside any folder (and it was not hidden either). This happened because the BBM version was not compatible with the new OS. So here is what happened:
You have to completely uninstall the BBMessenger from your Storm. If you run the Desktop Manager, it will tell you that the application is deleted but if you notice your phone will not reboot - deleting it via DM does not work!
Like most people I thought I had deleted it, then I loaded the correct BBM for OS 5.0, but still it was not showing up...
It only worked when I was able to successfully delete the BBM app by running the AppLoader (go to Program Files-> Common Files -> Research in Motion-> AppLoader). Run the loader.exe (make sure you deleted the vendor file before running it), and you will see that the loader will show the BBMessenger as an application selected to be removed - proof that the DM had not completely uninstalled it.
After you remove it you will notice that the phone will boot up.
Now download the correct BBM 5 for OS 5.0 (I downloaded it here: LINK)
Unzip it, Open Desktop Manager, Click on Load App, Browse for the Blackberry axl file in the folder you have just unzipped, and voala! BBM will show up!
And you will notice that in the first time you run it, it will automatically find your profile and load your previous list of friends. I'm not sure how this happened but I believe that the previous BBM 5 for 4.7 had remotely saved my friends list in some server (???). Anyway it also seams that the BBM 5.0 running in a 5.0 OS has additional features that actually work (group chat list?).
Hope this guide will give some light for others experiencing the same problem.
did you move the location of any files once you unzipped the folder?
Reason I ask: you should have the .axl file outside the folder and the rest of the files should be inside. If you have any language file outside along with the axl file - a language that you don't have installed in your storm - it will give you the error of not finding an application compatible.