Yes the VCP5-DCV is the base certification - pretty much everything else builds off of this oncluding VCP-CLoud. VCP5 will be around for while. I say this because you are still able to get VCP4. With that said I would pursue VCP5-DCV.
VMwares retake policy requires paying another testing fee to Pearson/Vue.
Also be aware as part of the certificiation process is attending a qualifying class from VMware or a VMware AUthorized Training Center. This link provides what is entailed in obtaing your VCP - http://mylearn.vmware.com/mgrReg/plan.cfm?plan=12457&ui=www_cert