Chip,
Dual Bananas is correct. By lugs do you mean rings? Audio Video 101 lists pins in there too. I don't really like pins myself as they are small and don't allow much contact area.
I think the main thing with 5way binding posts is it lets people know you can use dual bananas and spades. Those seem to be the prefered connectors.
Dan Hine
1. bare wire
2. spade lug
3. banana
4. double banana
5. pin connector
I derived this list from the following: Connector Glossary
Of course, this could be all wrong.