When clocked the same, the i5-4690K and FX-9590 have about the same execution throughput. Having that execution throughput consolidated onto 4 cores is more versatile for real-time workloads than spread out onto 8 cores.
To help put things into perspective...
What's better for gaming? A Intel 2.4ghz 8 core Xeon E5-2630 v3, or an i7-970 overclocked to 4ghz, or an i5-4690K overclocked to 4.7GHZ?
The FX-9590 actually performs about the same in gaming as the overclocked i7-970 or E3-2630V3. The overclocked i5 will run games better than any of these alternatives because real-time workloads scale better with core performance than core count.
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Now, if we leave the i5-4690K at stock clocks, then the FX-9590 will actually trade blows with the i5 in gaming workloads... General rule of thumb is that an i5-4460 offers about +/-20% of the performance of an FX-9370 in gaming, while the i5-4690 offers about +/-20% of the performance of the FX-9590 in gaming. In either case, the i5 is the better value as it can be successfully implemented for a whole lot less money (less motherboard, less heatsink, less PSU).