In the past, NLOS propagation was shown to be a source of distortion for radio-based positioning systems. Every NLOS component was perceived as a perturbation which resulted from the lack of temporal and spatial resolution of previous cellular systems. Even though 5G is not yet standardized, a strong proposal, which has the potential to overcome the problem of limited temporal and spatial resolution, is the massive MIMO millimeter wave technology. Based on this proposal, we reconsider the role of NLOS components for 5G position and orientation estimation purposes. Our analysis is based on the concept of Fisher information. We show that, for sufficiently high temporal and spatial resolution, NLOS components always provide position and orientation information which consequently increases position and orientation estimation accuracy. We show that the information gain of NLOS components depends on the actual location of the reflector or scatter. Our numerical examples suggest that NLOS components are most informative about the position and orientation of a mobile terminal when corresponding reflectors or scatterers are illuminated with narrow beams.