In reply to nwclimber:
Rule of thumb I use is for the pilot hole to be 2/3rds of the screw size.
So for 5mm screws, you want 3mm hole (or 3.5mm if you have half mm bits).
If you want to be really precise then get some callipers and make the hole a similar diameter as the shank, that way the wood can slip on the shank and clamp really tight. For this reason avoid fully threaded screws is screwing two large lumps together.
In soft wood however, pilots are somewhat optional for your screw size if just screwing lumber together.
Two screws driven without pilot holes are going to be stronger than one screw with a pilot hole all day long.
Using an impact driver (highly recommended) I can drive two screws in much quicker than I can pilot and drive one screw.
What I often do is start driving, if the two pieces of wood push apart a bit, back off the screw, put lots of weight behind the impact drill and screw it all the way in. Some may thrown at this technique but it works well.
Always use pilot holes on coach bolt or anything similar, and I find its good on ply wood etc, along with countersinking to avoiding damaging the wood.