All of the above are basically true. PQ4's can only grow to 2.5B on their own, PQ5's will grow to 4.4B (read the wiki article about pop). There is really not enough pop to generate decent taxes nor enough space to place enough economic building to make them economically worthwhile. The best thing to do with them is make them research planets but that's for later in the game as well. Yes, you can put 3 factories and a spaceport on a PQ5, particularily if it has some manufacturing bonus, but again I'll do this later. Also because of the pop growth limit they don't generate much influence. I like to leave PQ4's, PQ5's and PQ6's open for the AI to come in and waste a colony ship and spend money developing them, they inevitablely flip to me anyway by the 2nd or 3rd year. PQ6's are a bit better than 5's bit still will only get to 6.9B on their own. I generally don't bother with a farm on a PQ6 (unless it improves) so that will limit it to 5B.
There is an off chance that I'll colonize a low PQ planet to ensure continuity of my influence area, but's it's rare and really dependent on galactic geography.
The other thing to consider is the potential for improvement. PQ4's and 5's seldom get any extra tiles as you research the terraforming path. PQ6's may pick up a tile, and perhaps rarely even two, PQ7's usually pick up a tile.
PQ7 is where I personally draw the line. They'll grow to 10.2B on their own which is not too bad. They're worth putting a farm on even if they don't improve. I'll pretty much ignore anything less (early). I generally take a look at the system the PQ7 is in and if it's the smallest or only low PQ planet in the system I'll probably ignore it. If there are lower PQ planets in the system I'll probably take it because I don't want an AI to outnumber me in one of my own systems.
PQ8's will grow to 14.6B on their own and usually increase to PQ10 once you have all the terraforming techs. I'll take a PQ8 every time, no questions asked.
One final point that was not specifically asked but I think is important. Certainly, when you have an equal choice go for the higher PQ planet. But if it's going to take you an extra 4 turns to get that juicy PQ16, I'll go for the PQ8 that I can get to in the next turn, unless it's obvious I can get the PQ16 if I go for it but will probably lose it if I wait. The reason for this is that growth in this game is exponential and a mediocre benefit early is better than a great benefit later (I've said this elsewhere as well). If by grabbing the close PQ8 you get four extra rounds of development over waiting for the PQ16, it's better to take the PQ8.