It does take slightly more vcore to push the 4690k than the 4790k to the same speeds. It's a slightly lower binned chip and costs $100 less. As for power draw, I don't see the 4690k requiring more power.
http://www.digitalstorm.com/unlocked/intel-devils-canyon-i5-4690k-review-and-overclocking-benchmarks-idnum301/
4690k oc'd to 4.6ghz, 151.6w full load.
4790k @ 4.4ghz, 144w full load.
4790k @ 4.8ghz, 219w full load.
Close in both clock speeds and power draw, slightly higher clocks, slightly higher power draw. If the power draw going through the vrm's can't support 151.6w under full load with the 4690k oc'd, how does it manage to support the i7 at stock?
Everything from vcore and system power seems to fall in line clock for clock here as well.
http://www.anandtech.com/show/8227/devils-canyon-review-intel-core-i7-4790k-and-i5-4690k/2
Power draw is what it is, a wall outlet doesn't care that you're using a vacuum cleaner or a hair dryer if they're pulling the same power. If you turn a hair dryer to 'high' and it pulls the same power as the vacuum, the plug doesn't suddenly explode because of a component being on 'high' settings while continuing to power the vacuum just fine. If that were the case, the z97 anniversary should come with a warning - not compatible with i7 cpu's. Of course there are better boards with more features and better quality for a higher price, that's true of anything. I wouldn't expect the z97 anniversary to have all the bells and whistles, but doesn't mean it's incapable.
The 4790k being able to hit 4.6ghz more commonly than the 4690k has more to do with silicon quality rather than voltage differences which were claimed to be the issue overclocking a 4690k on such a 'weak' motherboard. Intel also felt more comfortable shipping the 4790k with full warranty with a turbo of 4.4ghz rather than 3.9ghz of the i5. Part of that extra $100 cost factor. That's nothing to do with power phases or vrm's on the motherboard.
It just seems funny that despite conflicting facts the argument is made a realistic oc for the 4690k is only 200mhz over turbo. This has been proven untrue by various users and review sites. Is it a possibility a 4690k will only oc to 4.1ghz and nothing more? Sure. It's also been proven that sometimes ht hurts performance and it's better to turn it off. It's not the norm though.
First the argument was the 4690k takes too much power oc'd, the motherboard won't handle it. Not true. Then it gets argued that the 4690k can't be oc'd on the stock cooler to the same speeds as the 4790k (despite being 2/3 the cost of the i7). This may be true, but for the $100 difference I think a $25 cooler isn't too much to whine about. Also, how many users are pushing their stock 4790k's and having trouble keeping temps under control on the stock cooler? Many. Then the argmument is something else.
I never said heat would be identical or the stock cooler would do the same job, I said that when it comes to power draw it takes xyz amount of power to get the same clocks out of the same cpu chip whether it's been clocked that way from factory or done by the user. Proof in the links above.
Just like some people will argue overclocking only gets 400mhz faster speed and does nothing for performance yet at the same time advising people to get a faster locked core cpu over a slower model because it will perform better. As if overclocked mhz are somehow different. By that logic an i7 though 500mhz faster is a complete waste of time since the extra speed over the i5 isn't worth the money and has no impact on performance - which it clearly does. Sounds like digging for a reason to try and bash on the i5, when one tactic doesn't work try another. Maybe it's just me.