5200 has it's place and should be thought of as a permanent bonding material rather than as a sealant. the most common example of a good place to use it is the keel joint although there are probably better materials for that use too.
If you want a semi-permanent bond WITH some elasticity which will not crack when stressed, most of the polysulfides are a better choice, e.g., Lifecaulk.
To get a thorough and concise view of which sealant/adhesive to use where, check out the West Marine Advisor which has probably the best write-up I've read (as well as lots of other info for the novice).
An excerpt from the West Advisor:
Comparing Compounds
Polyurethane: Recommended for permanent bonding because of its enormous adhesive strength. It is good for hull/deck joints and bonding thru-hull fittings but incompatible with ABS and Lexan. Do not use PU-based sealants if the bonded items might have to be separated in the future.
Silicone: Versatile, quick and easy to use, elastic and highly resistant to chemicals, silicone is excellent for isolating dissimilar metals. It is not as strong in adhesive strength as polysulfide or polyurethane but is compatible with plastics.
Polysulfides: Perhaps the most versatile sealants available are polysulfides. Two-part polysulfides have long been popular as caulking material for teak decks. One-part polysulfides are easier to use, just as durable, but slower to cure. Both bond well to most surfaces but oily woods (such as teak) should be primed. We don’t recommend polysulfides for bonding plastic, as they will melt it.
Polyether: It is one of the most exposure resistant sealants, unaffected by teak oils or cleaners, permanently flexible, and sandable. West Marine Multicaulk or 3M's 4000UV is an excellent choice for wood, metal, or fiberglass but will attack some plastics.