What make the Core i5 and i7 great is that they are quad core CPUs. The difference between the i5 and i7 is that the i7 has Hyper Threading (HT). HT is useful for programs that can take advantage of it like video encoding and 3D rendering.
Games don't take advantage of HT (well, maybe BF3 and ARMA... maybe). In fact over the past several years benchmarks have shown that HT causes about a 2% drop in game performance when it has been activated. So... for a gaming rig, it's not worth buying an i7 vs. an i5 CPU.
Regarding clockspeed vs. # of cores. Games that can make use of more than 2 cores will likely perform better on a quad core CPU than a dual core CPU as long as the difference in clockspeed is not too large. For example, I'm pretty sure BF3 will perform better on a dual core CPU running at 3.0GHz vs a quad core CPU running at 1.5GHz. However, if the game only uses at most 2 cores and the dual core CPU is clocked higher than the quad core CPU then the game will run better on the dual core CPU.