We have some projects that will need 5 year review of the arc flash hazard in accordance with the Standards. Do you normally include in the review process?

Sorry, I should have said "what do you normally include in the process?" The way I am doing now is to verify the hydro contibution, check the standards version, walk through with client in the facility and check any new equipment and devices, write review report and provide necessary new labels if there is no major upgrades on the system and distribution system. So, how about yours?

I would do basically the same:
1. Get current utility information and compare with information used in previous study
2. Verify with facility owner on any major modifications, additions, electrical equipment replacements.
3. Verify that the protective device settings are the same in the previous report (primarily concerned with changes made to instantaneous settings by maintenance/operations personnel due to nuisance trips)
4. Run the analysis with information obtained
5. Write a report - here's a point: does one write a complete report similar to the original? A scaled down one based on changes? A very minor one if there are no changes but just to document the above items were reviewed?
6. Print new labels. I think regardless of details on report this would have to be done as the information required on labels changed with 70E-2012 and I put the report date on the labels. Date is included on label so user can see that the information is current.

How to deal with the old the labels on the equipment. The date on it is back to 5 years ago. I plan to upgrade the labels with new date but wonder if that is worth it if there is no significant change to the hazard level.

Unless you were already including all the information required now on the previous labels, I would think you need new labels. I would see how well the old labels come off or put the new ones right on top.

After updating the system model to reflect any changes, I would produce a complete new report and print new labels with the new study date on them. IMO, if there are system changes, a scaled down report is easy to lose or get separated from the original report. If there were absolutely no changes or updates and you could secure all of the original report copies, then a cover page update and insert page stating there weren't any changes would be sufficient. My experience has been that after 5 years, the customer may be able to find at best only one copy of the original report. My preference is to produce a complete new updated report with new labels.