Sorry didn't realise it is a ulv, it turbos to 2.9ghz with 2 cores if the computer is running under 90 degrees in terms of cpu. I would say the i5 and i7 ulv are on par but the i5 has better base clock but the i7 catches it up with turbo and more cache etc so good cooling and the i7 holds its own at slightly lower power consumption and better form factor.
Anyway the cpu are about similar performance depending on what i5 it is:
http://www.notebookcheck.net/Intel-Core-i7-3537U-Notebook-Processor.87766+M5381aa68cbb.0.html?&%3Frecache=true
I have an acer m3 with an i5 3317u and its base clock is 1.7ghz but mainly stays at 2.4ghz doing any video encoding and as long as the room is cool it turbos to 2.4ghz while gaming. I would go with the asus though as the gpu is slightly better. However the acer is better if you like mass storage and constantly better performance as the i5 base clock is much higher so it provides better minimum performance. The gap between a gt 730m and 740m is a few fps really in real world games.
730m:
http://www.notebookcheck.net/NVIDIA-GeForce-GT-730M.84681.0.html
740m:
http://www.notebookcheck.net/NVIDIA-GeForce-GT-740M.89900.0.html