BE35 TAKES EVASIVE ACTION TO AVOID C5 TFC WHILE IFR AT 5000 FT WITH A80.

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WERE ON ALT 5000 FT AND ASSIGNED HDG 240 DEGS. ATL APCH CALLED TFC 9 O'CLOCK POS; TYPE UNKNOWN HEADING NW. I LOOKED AT 9 O'CLOCK POS; AND SAW GRAY MASS THINKING IT'S AIRLINER SHOOTING APCH INTO HARTSFIELD ARPT AND CTLRS WERE TALKING TO HIM AND KNEW HIS TYPE. I LOOKED AT OUR TIS BOX WHICH SHOWED TFC AT ABOUT 9 O'CLOCK POS AND 4 MI. ALSO OUR TIS RPTED TFC ALL AROUND US AT DIFFERENT ALTS AS IT ALWAYS DOES IN THIS BUSY AIRSPACE. THINGS SEEMED TO BE NORMAL. I BELIEVED MY TFC TO BE A SMALLER PVT OR CPR PLANE IN THIS SECTOR OF ATLANTA AT THIS ALT. APCH CALLED TFC AGAIN SAYING IT WAS IN A CLB. I LOOKED L AND SAW THE PLANE BETTER THEN AS THE WX WAS HAZY AND CLOUDY; THINKING THAT AIRLINER WAS PRETTY FAR N FOR ATLANTA HARTSFIELD; THEN I LOOKED BACK AT MY TIS AND IT SHOWED TFC AT THE 2 MI RING AND 700 FT BELOW. I LOOKED BACK AT THE PLANE -- I THINK WAS AN ACR -- AND RETHOUGHT THAT IT WAS A C17 AND THEN WE WERE ON A COLLISION COURSE; OR AT THE VERY LEAST; GOING TO WIND UP WAY TOO CLOSE BECAUSE OF WAKE TURB IN A FEW SECONDS. I MADE A TIGHT CLBING TURN TO THE R. AS WE ROLLED INTO OUR R TURN; OUR TIS TFC WARNING WENT OFF AND THE CTLR WAS ASKING 'DID YOU HEAR?' I SAID 'YES WE ARE IN A 360 DEG [TURN] FOR THAT GUY.' THE CTLR ASKED IF I GOT A LOOK AT THE TFC? I SAID I THOUGHT IT WAS A C17. WE WERE THEN AT 5800 FT STILL IN OUR 360 DEG TURN BUT NOW DSNDING BACK TO 5000 FT AND TO HDG 240 DEGS. THEN ON THE RADIO THE OTHER PLT SAID HE WAS A C5; THERE WAS ABOUT A 300000 LB DIFFERENCE. WE HEARD THAT HE WAS 1 DIGIT OFF ON HIS XPONDER WHEN HE CHKED IN. IN THE TURN; I WATCHED OUTSIDE. MY PAX; WHO OWNS THE PLANE AND HOW TO OPERATE ITS EQUIP AND WAS IN THE COPLT'S SEAT; SAID HE WATCHED THE TIS BOX TO SEE WHERE OUR TFC WAS; SAID HE SAW IT AT 400 FT AND BELOW US. WE WENT ON TO OUR DEST AND THE CTLRS NEVER SEEMED TO MIND OUR DEV.