The problem is with 5-3-2 we have an extra player in defence. Now if we play 4-3-2-1 or 4-3-1-2 we have that extra attacker which is the difference between us dropping deep and letting them attack us. Instead we would be pushed more up the pitch and wouldn't have to drop se deep.
You can call it 5-3-2 all you like but you can see from positions on the field that we only play with 5 defenders for a small period of time. Most of our time is spent with the ball or pressing higher to win the ball around the half way line, so it is indeed a 3-5-2.
The benefits of this formation are in the field spacings and combinations across midfield from one touchline to the other, and from the sweeper to the classical 'tall' striker. Many variations. As we have a very strong CM it works very well, we can press and combine and overrun almost all teams.
Now go back to this bugbear issue that people still have with our wing backs. I think is the single most identified thing. Note these are wing backs and not wingers, I repeat this because I still see people confusing the two. Ideally it's 50% defensive-offensive balanced. As we often have the ball we are more towards 40-60% in favour of offense. You need players of high stamina there, we have that. Our problem is that essentially we have a LCM on one side, and a DR on the other. Because they are the only players we have at the extremes of the pitch they are easier to identify and isolate directly from a defensive point of view. More often than not it's not about them taking their man on directly, that is not vital for the role. The combinations remove that as a necessity. They are NOT wingers with a midfielder or full back to cover them. So they will take low risk choices to retain the ball until it comes into a better position. The main issue we have here is that when the ball then does come to them in good areas both Asamoah and Lichtsteiner are mediocre crossers, so they often resort to a give and go or attempt to charge inside their counterpart. Essentially if both or either were just that bit better at it, with Llorente in the centre, there would be essentially no issue but for the aesthetical preferences of individuals.
Our formation also means we are one of the few CL clubs who play two real strikers together, those with a defined role directly against the central defenders. Now we have two good strikers combining you can see the benefit this brings in causing confusion in opposition defences, rather than having one target to focus on in that area. Played correctly this eliminates the infatuation with having an 'extra attacker' in a wide area, more often than not a pacey or skillful player, such is often the desire these days for style with substance.
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But other issues will still remain with that tactical setup. We simply need to move on from that. It had its uses, but nothing can be a definite solution; just another phase the way I see it.