It depends on the workload is the answer. Let's say you get to 4.6Ghz on the i5, that's 15% faster than the i7 at boost clocks, so in lightly threaded tasks the i5 would be up to 15% faster. In threaded tasks though, hyperthreading can make a pretty big difference, 50% faster in some (fairly unusual) workloads.
Have a look at these benchmarks comparing the 4770k (at stock) to the 4690: Identical clock speeds and architecture, so it's literally comparing an i5 to the identical chip in i7 guise (so with hyperthreading and the extra 2MB of lvl 3 cache):
http://www.anandtech.com/bench/product/836?vs=1198
You can see that most benchmarks show very little difference, but there are a few where the i7 is faster by a good margin (WinRAR...