White tip reef sharks are largely nocturnal, and in fact spend a large part of their time motionless on the sandy bottoms or in caves. They tend to live in groups, and will often pile upon each other like logs in their caves or on the sea floor.
They rarely come to the surface, and are usually more commonly encountered on dives at night, or around sunrise or sunset. They feed on bottom dwelling creatures - octopus, crabs, lobsters - as well as medium size fish. Their main threats are larger sharks like tiger sharks, groupers, and of course humans, who catch them and eat them more often than they put them in small tanks. They are not regarded as a threat to humans, and can be hand fed (not that that is a great idea).
They reach sexual maturity at about 1 m length, and can grow to just over 2 m, although most are around the size you describe - 5 ft. maximum.
They are know to live at least 25 years. Although they are one of the 3 commonest sharks in the ocean (found all over the Pacific) they are listed as "near-threatened" - which I think is mainly due to loss of habitat.
Should you keep them in an aquarium? Big philosophical question. I personally think that the spectacles over the last 50 years of forcing creatures like killer whales to live in virtual bathtubs may have been cruel to the individuals, but caused them to act as martyrs for their species - they are the ambassadors who made people think of whales as friend, not food, and changed worldwide attitudes towards whaling. Most people thought whales were big, dumb fat fish, good for oil and meat until they became anthropomorphized by being in our faces.
Sharks face extinction, made worse by human hysteria, with movies like Jaws making people think the only good shark is a dead shark. While I dread the prospect of an attack while diving as much as anyone, it is hard not to appreciate their magnificence, and their role in the oceans, once you have become familiar with them.
Maybe the IMAX is a better place for them than a 2,000 gal tank, though. Still, I have no doubt that the sharks that you see in the flashy retailers tanks draw a lot of new people to the hobby, and in the long run, raise awareness of the fragility of our underwater world.