I read an article about it and even though sometimes I still go by the rule, they say you shouldn't. Studies show it picks up germs the second the item hits the floor.
That's true, but food will also pick up germs the second it hits the counter-top, the chopping board, your plate even. Germs are everywhere, unless you are working in an aseptic environment. People don't have HEPA filtered air blowing across their kitchen counters, don't spritz them with alcohol and / or bleach immediately before using those surfaces, nor do they wear sterile gloves that have also been spritzed with alcohol. In fact, a lot of people that spill food on the counter may just grab a kitchen rag to wipe it up, leaving behind microscopic food particles and maybe even microbes that had been growing on the rag / sponge since the last time it was used to clean up a spill. In that case, the counter-tops are far from a sterile environment.
The question is
what germs are they picking up... Most surface germs are harmless and may actually be beneficial in that they can build up your immunity towards something a little more dangerous. For example, if you walk on your kitchen floor with socks (so no chance of stray fecal matter from your neighbor's dog), you don't have pets or messy children, and you keep the floor relatively clean (ie sweep the floor every so often), it may actually be better to use an item that fell on the floor than one that fell on the counter-top where there is many more food particles that'd grow harmful bacteria. Now in a restaurant where there is a lot of foot traffic in shoes that could've picked up germs from anywhere, then no go for the 5-sec rule.