I had the same mentality about it, although, I was hopeful that my daughter wouldn't ask about it until she was older, so that it could be sort of a rite of passage due to age. That is a bit of an exaggeration, but I do think that our American society today has very few "milestone" events for kids, and I think they are important for kids to have. It used to be whatever church ceremonies, ear piercing, things like shaving, and then driver's licenses. Well, today, kids are less interested in driver's licenses and they feel like they are grown when they get their first cell phone. Seriously. Many teens opt NOT to get a driver's permit for quite a while---it just doesn't mean anything to them, not like having a cell phone.
I know driver's licenses and cell phones may seem like a long way away, when you are dealing with a 5 year old at home. But trust me, it goes by all to quickly... Suddenly my little boy will be 15 next year (and eligible for a learner's permit!). Yikes!
Fortunately for me/us, my daughter did not really have any interest in having her ears pierced until she was 10. I took her to the mall, let her watch someone else having it done, and went home so she could think about whether or not she wanted to do it. She did, and we went back 2 days later and got it done. Piercing Pagoda with a gun. One ear at a time. No biggie.
I will say, however, that even at age 10 (and my daughter is very responsible) she needed a little help taking care of them in the beginning. The healing process can be painful, and sleeping on them the wrong way can make them sore, too. Within 6 months, she was perfectly able to do everything on her own. I'm not sure if that would be the case with a 5 yr old. Maybe, depending on the child. ?
I personally, would probably wait another year or two. Let it be a birthday present for age 6 or 7 maybe. Give her something to look forward to signifying that she is growing up.
Just my opinion though. I don't think she is "too young" if you are willing to clean them for her for the first 3 months or so, a couple times a day every day.