It seems the i5 4690k overclocks very well (better than the i7 4790?) to well over 4ghz. Bringing any difference down ever more!
Also runs cooler and uses less power, maybe explaining the beter overclocking!?
Chips with less going on tend to clock higher. The Pentium dual core anniversary will do 4.8ghz..
You need to remember - these chips are all of the same. IE - Intel give the nod to whoever cuts the wafers, the chips are made. They are then graded and binned before having features cut down and locked out.
So an example - a dual core Pentium comes from the same production line as an I7 does, it either didn't make the grade or Intel have cut out features to make up stock of the cheaper CPUs.
This was evident with the old AMD CPUs, which could be unlocked and put back into use (you'd usually just find they needed more voltage to be their bigger brother, for example).
As thus less crap = less heat. Hence, the I5 should clock higher unless it's a totally lousy I5.
HT, IIRC, adds around 20-30% of an actual physical real core, so when both chips are all singing the I7 should, in theory, splatter the I5.
If you're encoding or use anything that will use the threads? I7 no brainer. I would basically sit down one afternoon and take stock of all of the software you use, then do some research on it.
If it's pure gaming? I5 all day. As I mentioned before, hex and above are only really for servers/WS and braggarts (I admit I did get a kick out of announcing to the world that I had a 3970x, most unlike me but was fun

)
But yeah, software is key. I just threw a 8 core 16 thread CPU into a Hackintosh because I was under absolutely no doubt at all that Unix would eat it up.
And I was correct too. over 13k in the CPU bench, compared to a Haswell I5 @ 4.2ghz which could barely scrape 8k.
I'm really looking forward to editing with Final Cut Pro, 'cause I know it'll demolish all of those cores and threads
