Yes, There is a FaceTime ICON on the Iphone 5. If you can't see it, do what I did:
Sometimes family members or anybody with access to your iPhone will accidentally change settings. If the restriction settings are changed, it can limit what icons are shown on the home screen, including the Facetime icon.
1. Select Settings > General > Restrictions.
2. Type the passcode. If you didn’t set the passcode, ask anybody who had access to the device if they set one.
3. Set the Facetime restriction to On.
Note: Also ensure that Camera is enabled. Facetime will not work unless Camera is enabled.
This should unhide the Facetime button on the iPhone, iPad and even the iPod Touch.
When you activate the FaceTime icon, it sends you to your contacts. You select a contact and if you have their mobile phone listed, you will see a little FaceTime Icon that you can activate....
I hope that this alleviates any of the confusion from earlier post.