For gaming you'd never pick the chip in the OP over a 4770K. At 2.3GHZ (It being an Ivy Octo core) it'll be less powerful overall than your 4770K at 4.6GHZ. In fact it should never beat a 4.6GHZ 4770K.
Of course. Clock speed is always what matters, because it's rare to see all 16 threads in full use.
I'm under no illusions here, my 3970x will wipe the floor with it. I get 4.8ghz on a H110 with perfectly acceptable temps, even in this heat wave we've been having.
However, what I am more interested in is core use. We're just about to get the holy grail from Intel (well, most of it any way) in that they're finally releasing an 8 core CPU that allows overclocking.
I'm pretty convinced that once core use goes up the 8 core Ivy will make for a fine gaming CPU. I'm already running a hex core Westmere with 670 SLI and tbh? doesn't game any differently to a lot of my other CPUs. It never breaks 30c though, which is nice.
http://www.techradar.com/reviews/pc-mac/pc-components/processors/intel-xeon-e5-2687w-1074013/review
About sums it up. Intel = you can have the cores but not the clocks, or, you can have the clocks but not the cores.
That's (sort of) about to change though. I mean sure, we still won't get the ten core or twelve core CPU unlocked but things are changing.
As for picking X I7 over the 8 core? I just spent £165 all in on the 8 core and a board to run it in. IIRC the I7 4770k is what? £240? £250?
Unless the 8 core is a complete and utter flop it will be replacing my 8320. Which means I can then take the 120mm rad fans off and instead of running them at 12v run them at 5-7v meaning the rig will be about half as noisy as it is now, with a reduced power consumption. Fact is? I will get more than £165 for an 8320 that easily does 4.9ghz and a CHVFZ.