Ok I'll start. What does meditation do for you? What is it you are trying to accomplish for yourself? I will tell you what I think I know which may be wrong! I will explain what I do when I meditate and why.
Let me say that I view "meditation" as a giant big blanket term covering a wide variety of techniqurs, practices, and goals. Like "sports", which can mean olympic level athetic achievements, team sports, jogging, or going to the gym, "meditation" can be extreme practices like bringing down mental and bodily functions to a minimum, on the border to deep dreamless sleep, to breathing and relaxation exercises, to visualizations, to cultivating mental attitudes like loving-kindness or sympathetic joy.
Then there is the related set of practices and techniques which I like to call "contemplation", for example holding a verse or prayer in one's mind with reverence.
And to make matters more interesting, Eastern and Western usage of "meditation" vs. "contemplation" are reversed! I outlined the Eastern usage.
So why do I meditate?
First of all, it feels good. Like keeping my body fresh with a shower and a toothbrush in the morning, meditating for half an hour first thing in the day is to me a form of mentally keeping clean. I can take stock of my mental state, see which parts are relaxed or agitated or torpid, and apply the tools I learned over the years to give my mind some care: Concentrate on something to draw a scattered mind together, or relax into pleasant breath sensations to spread some calm, that kind of thing.
I'm also a fan of some more explorative meditation practices - what does the mind do when I keep my attention on the same thing for a long time? For me, diffetent mental states start to unfold, some of them quite "trippy". I enjoy that.
The technique of keeping the five senses in mind is a very well-known and good one. I'm happy you find it useful and compatible with your beliefs.
I'd like to ask a question about your thoughts regarding demonic influences on an "empty" mind - do you see this as different from dreamless sleep?
In some Jewish traditions it is thought that the soul leaves the body during sleep, and is returned by God's grace in the morning. This couldbe understood as addressing such concerns as you raised. What's your take?