S5 Phone and SD Card Encryption: Do I need to enter in password twice? I have a Samsung Galaxy S5. If I encrypt the phone and the SD card, presumably with the same PIN/password, do I need to enter in the PIN two times to access the SD card? 

I see that encrypting the phone and SD card are two separate processes, but does that mean that I will need to decrypt the phone and the SD card separately every time I use an app or file that's on the SD card?
No. I have that setup and you don't need to enter the password two times. Also when encrypting, android (at least my 4.2.2) does not let you use different passwords for Device and SD card.

One downside of having the phone encrypted is that Android forces you to use the encryption password in the screen lock. After encrypting the phone, you can't use pattern unlock. This has been reported two years ago.