Using a given list of words such as ['good', 'bad', 'ugly', 'wonderful', 'dreadful'], write a Python function that takes the list and prints out a sentence like this:

There are 5 words and they are: good, bad, ugly, wonderful, and dreadful. The longest word is wonderful.

For an input like ['haha'], the printout will look like this:

There is only 1 word and it is haha.