You can make a Headband of Intellect, Cloak of Resistance and Bracers of Armor right off the bat, and improve any of those items you alrady have, all at half cost. Boccob's Blessed Book is another highly desirable item craftable with the Craft Wondreous Item feat.
A 5th level wizard with craft wondrous item can only make +2 bracers of armor, not really worth it when he can just cast mage armor and get +4.
He isn't going to be making headbands of intellect until level 13 or so because he will need to know legend lore.
A 5th level wizard is only gonna be able to make a cloak of resistance +1 since you need 3 caster levels per +.
Boccobs is nice and all though so I will give you that one.
If you can find a source to cast Barkskin for you, you can make a Amulet of Natural Armor. Failing that, a Periapt of Wisdom or one of the other amulets are great choices. A Belt of Endurance will give you extra hit points. Gloves of Dexterity will give you higher AC and make your ranged attack rolls better. Craft Wonderous Item has such a wide array of uses it should be on the short list of possible feats for almost any wizard.
As for the amulet of natural armor, see the cloak of resistance above and to actually find a willing druid to sit with you for a few days and have that spell prepared and then having to pay them for their time and all barely makes it worth it, least at low levels.
An amulet of health, sure if the wizard knows endurance and all I'll give you that one cuz an extra 5hp or so is always good.
As for the other ability enhancing items, I don't really see the point at such a low level for only a +2 to the ability score. The higher bonus ones are just too expensive to create at such a low level.
And this doesn't even begin to get into items you craft for your companions. Offer to make items for them now and then for a discount of some sort and you can turn a profit (to fund your own Crafting efforts) and your fighters will be stronger, your rogues more charismatic, and your clerics wiser.
Let's not forget that crafting items takes money and time and experience. Yes I know 1/25 and half price and all that isn't bad but hey, those 40exp and 500gp for those 1000gp items add up, and that's only if you are making small items.
I would disagree. Craft Wonderous Item allows the creation of many of the bread and butter items of a wizard's accourement.
I would agree also, but as the person stated in the original post they were just wondering which feat to get now at 5th level, craft wand or wondrous item. They also stated that they would most likely be picking the other feat up also at a later date. Craft wand is a much better feat for a 5th level wizard then craft wondrous item is because of what you are limited to making with craft wondrous item at a low level.