Right now is a tricky time to upgrade to the Z87 chipset. It is a good platform, but that's just for now. More fundamental technologies are on the horizon, like DDR4 and PCI-e storage. Most upgrade cycles will only switch out the CPU, but the next cycle will change the way your basic components communicate with the CPU. Those changes will show a major performance increase that aren't measured solely in gaming fps. Systems drives will become significantly faster (transfer rates) and snappier (random i/o with small files). RAM will see the same improvement. The Z99 chipset, which is available now, implements the new technologies, but it does so a bit early in my opinion, since the boards require tradoffs to use the new technologies.
The reason it's significant is because the system drive interface and RAM haven't been upgraded in several years, even though multiple CPU generations have come and gone.
For instance SATA 3.0 - the current drive interface - came out in 2008, which is now 6 years old. DDR3 is even older.
It came out in 2007, making it 8 years old. So there have been 6 or 7 CPUs on this same technology.
Why does this matter? Well, if you want to recycle parts from one build to the next, you'll need the new technology. Also, you'll spend about the same money in a year or two that you'll spend now on "new" stuff. The difference will be that you'll buy new stuff now that relies on interface technology that's nearly a decade old. But in a year or so, you'll have the latest interfaces with bandwidth to spare. So I advise you to try and resist the urge.
Your current CPU should be able to hang in there for a while.
The i7-920 is about 50% to 60% slower than the 4770k, but almost nothing gets the 4770k up to 100% during game play. Overclock that thing and keep your fingers crossed. It should be fast enough to feed a high end video card for at least a year or two. Even if you get a slight bottleneck, you'll still get most of the performance out of your card without spending an extra $500 on tech that's being phased out. That $500 would only unlock a small percentage of a new video card's performance anyway. I think your rig can still kick butt with a killer card, OCed CPU, and more RAM. Getting a cheap SSD will make things WAY snappier than an HDD (if you don't already have an SSD), and if you get an inexpensive one, you won't mind phasing it out in your next build in order to get some PCI-e storage if you want to buy into it (which I will as an enthusiast).
In the end, though, you really can't go wrong either way. Waiting has the merits I outlined above, but if you need to upgrade, then you have to do what you have to do. It's not like the 4770k will be outdated trash. It's a very capable CPU and will continue to be for years. If you do get a new CPU and motherboard soon, definitely go with the Z99 chipset. Its backward compatible and also a little bit forward compatible. Good luck!!!
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