While I see your point, I still disagree, due to the general rule that specific trumps general.
Imagine this scenario: you have Evasive Reflexes and wield a weapon of some description. You're next to a guy who pulls out a potion and drinks it, entitling you to an AoO. "When an opponent gives you a chance to make an attack of opportunity, you can instead immediately take a 5-foot step" - so you do just that, and move 5 feet away from him. Still in the same round, the potion guy's Rogue buddy tries to tumble past you and fails his roll, entitling you to an AoO again (since you haven't used yours before).
Now normally, "You can’t take more than one 5-foot step in a round, and you can’t take a 5-foot step in the same round when you move any distance." That's the general rule, but your Evasive Reflexes feat adds a specific rule to the situation that is also in effect, namely the "When an opponent..." clause quoted above. And what do you know, now is just such an occasion! "An opponent" has indeed just "given you the chance to make an attack of opportunity"! So nothing stops you from "instead immediately taking a 5-foot-step"! If this keeps happening, you'll just keep on going forever.
Note that without this interpretation, Evasive Reflexes counterintuitively could only be used during rounds in which you don't move at all. Which would be silly in my book.