Except that the Koran passage 9,5 excludes those non-Muslims (termed polytheists in some translations) who have made treaties with the Muslims, and provides protection for those who have come into Muslim territory (the idea in the latter case being that gives the Muslims a chance to convert them), yes, 9,5, could be construed as arguing for the death of polytheists !
But context is everything , isn't it ? At the time, the Muslims had conquered a very large area of Arabia, and were expanding their territory. A carrot and stick approach; make treaties or get war and be killed; was what the Ancient Romans used, and the British used in India. It would certainly suit Mohammed and his followers to have that made clear to believers and non-believers alike.
For a long article :
http://www.answering-islam.org/Silas/swordverse.htm