Yesterday Anson gave me access to BlueHost's cpanel. I have quickly made 2 dozens or so clicks within it just to have a feel of what it offers.
I would say 95% is more or less the same as in Site5, only the layout looks different. Features/functions available to you are arranged in a grid like layout with all of them in icons. I like the Site5 way because similar functions/controls are grouped together. The response of the server is marginally faster.
BlueHost's basic plan will allow you to host few domains/sites but it's not fully Multi-Sites because it doesn't give you separate controls for each site you created. You also can't create passports for your other friends for access.
All in all I prefer Site5.