i7 vs i5 for game development and programming



If either one of those can utilize more than 4 cores efficiently and effectively then the i7 is way better.
 
Yes.
The i7 is a better choice,since it has hyperthreading.It basically means that your PC reads double the amount of cores the CPU actually has.That is useful when video editing,recording,programming and multitasking.
You obviously do that,so an i7 4770K will be a better choice over an i5.