The SESAME 5G-PPP project targets innovations in three fundamental 5G areas such as the “placement” of network intelligence and applications in the network edge through NFV and cloud computing, the substantial evolution of the Small Cell concept and the consolidation of multitenancy in modern communications infrastructure. A dedicated architecture has been proposed for that purpose. In the present work and taking onto account recent challenges, we discuss latest innovations and/or potential updates of the corresponding architecture, in specific areas covering the SC-Common VNF as fun-in/fun-out module, the progress in SESAME Small Cell functional splits, the placement of “Self-x” features and wireless backhauling. Moreover, we proceed further and analyse the functional description of the related architectural components, in order to promote future improvements. Keywords—5G; Cloud-enabled Small Cell (CESC); Network Functions Virtualization (NFV); Multitenacy; “Self-x” properties; Small Cell (SC); VNF (Virtual Network Function)