There's very little difference between an i5 and i7 (quad cores, lga1150 which is what most people are referring to). A few different instruction sets, 2mb cache, very slightly faster igpu, hyperthreading and faster speed out of the box. The speed is pretty much no different when overclocked since they both top out around the same speed and at equal speeds the i7 cores are no faster than i5 cores.
Hyperthreading is hit and miss even with content creation programs, graphics processing (photoshop) and video encoding. Most of that 30% performance increase between an i7 and i5 is comparing them out of the box since the i7 comes clocked 500mhz faster (4.0ghz vs 3.5ghz of the i5). Hyperthreading typically provides in the neighborhood of 10-15% real world performance increase in programs that make use of it. For instance handbrake is a commonly used video encoder and isn't optimized for hyperthreading so no difference in performance. In games, very little to no performance increase. Keep in mind that even though windows shows 8 cores with ht enabled, an i7 still only has 4 cores same as the i5. Hyperthreading is purely a thread scheduler in an attempt to keep those same 4 cores working more efficiently. So in essence, an i7 can offer more performance in some tasks (not all) but not by a huge margin even when it does and comes at a fairly big price premium (typically $100 price difference from 4690k to 4790k). Sort of like premium thermal paste may cost you $20 vs $8 for others and you'll shave maybe 1-3c off your temps. Whether or not it's worth the price hike for the gains is a personal decision but there are diminishing returns.