There are some caveats, of course. To start with it'll be available in just seven cities: Birmingham, Bristol, Cardiff, Glasgow, Manchester, Liverpool and London. As the press blurb says, these "will be among the first cities in the world to receive 5G," which is a questionable selling point for technology -- global coverage is still spotty at best.
And yes, while Vodafone says the service will be "priced the same as 4G," customers wanting to take advantage of the service will need a 5G phone, which typically cost more. There could also be additional premiums for new customers.
Considering EE has been making noises about 5G for a while -- and the fact that Vodafone was recently named the UK's worst network for the eighth consecutive year -- it's a surprise Vodafone got there first with this announcement. However, EE has got a couple of key events coming up, including an appearance at today's OnePlus event and a media briefing next week, so its own announcement might not be too far behind.