Personally I think he should have warranted a higher value position on a £20 or £50 note, and I would have preferred the fiver note to be replaced with a coin. The now low value of a fiver being just small change even to kids.
"Oh great lets have more coinage to add weight to our pockets."
Look at the purchasing value of a fiver today, about two pints of beer (or any commodity you want to use), compared to the mid '70s, when you could buy 5 pints with a pound note. The day of the fiver note is long gone by 20 years.