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The standard that provides data transfer rates up to 480 Mbps with a maximum cable length of 5 meters is USB 2.0. This standard was a significant upgrade from its predecessor, USB 1.1, which had much lower transfer rates of 1.5 Mbps for low-speed devices and up to 12 Mbps for full-speed devices. USB 2.0 introduced high-speed data transfer capabilities, allowing for much faster communication between devices, making it suitable for various peripherals such as printers, cameras, and storage devices.

The maximum cable length of 5 meters is a specification designed to maintain signal integrity and reduce latency in transmissions, which is especially important at higher data rates like those provided by USB 2.0. While USB 3.0 offers even faster speeds, with a maximum transfer rate of up to 5 Gbps, it wasn't part of the comparison for this specific question. FireWire, while also providing fast data transfer for peripherals, has different specifications that do not align with the 480 Mbps at a 5-meter cable length stated in the question.