Declarer tried the K of diamonds, saw it covered and ruffed. He then laid down the A of spades and continued the suit. I felt that was a wise move. With only a singleton spade in dummy, going for the finesse works only on the specific holding of a double K by East. On a stiff K, well, it works to bang down the A, and with two guards, declarer can't pick it up. On top of that, there is a suit where declarer can well use entries to dummy, and he just might need two of 'em.
My first thought was that there was only one way to play the hand, for heaven's sake. Then I saw that declarer coulg go for broke and risk everything on a club hook! With favorable breaks (which are there), declarer would be able to sluff three hearts, making 6! The problem is, that if everything goes wrong -- the club hook is off, and the defense takes two heart tricks (along with the K of spades) -- he loses the contract! It would be a daring stab that works, but not one I'd feel comfortable recommending.
Nor did this declarer try it. But he did lose a costly overtrick through carelessness with entries. And I'd hafta say that dismissing the club hook for "all or nothing", then there's only one way to play the hand, and declarer got off to a good start by knocking out the K of spades. Back came a club, taken by the A, followed by the K of clubs, and then a heart toward his tenace holding. East hopped up and led a low club, declarer pitching his J of hearts, which shoulda been a winner.
Declarer's mistake lay in cashing the second top club. The hand is a cakewalk for 5 if declarer merely uses dummy's top honors for leading a heart twice through East's holding. The cards didn't hafta be that way. One entry is enough if the finesse is off; ditto if East has A Q tight. But why squander opportunity for lucky breaks when you can manufacture the tricks yourself (two heart winners) on heads-up play?