I just faced a premade 5 as a team of 5 solos
Needless to say, it was a 15 minute stomp, due almost entirely to better macro play (early cheese into hard shoving multiple lanes and rotating for 4-5man dives). http://matchhistory.na.leagueoflegends.com/en/#match-details/NA1/2634700638/208615052
I was under the impression that matchmaking had been changed so that a 5 man will never be matched against a team of pure solos, even in normals. I understand that there is a tradeoff between queue times and match quality. However, there is a certain quality bar below which I would rather not play the a game at all; this was below that bar.
Further, the queue times weren't that long at all: my queue was 4, maybe 5 minutes; they said theirs popped instantly.