GRUxTSAR :
Actually, just get the i5 4570. If you aren't overclocking, then the "K" isn't worth it. Also i7's have nothing over the i5's in gaming performance
I was under that impression also, it was around two years ago and hyperthreading actually hurt performance in some cases, but I have heard that more recently Hyperthreading has been implemented more.
If you look at nearly every graphics game benchmark though, there is zero difference between an i5 and an i7, and even an i3 in some games. It's all about the future, and what resources your game uses the most- CPU or GPU, and if it uses hyperthreading well.
Personally, I would lean towards an i5 because of price, but check this out... A Xeon 1231v3:
PCPartPicker part list /
Price breakdown by merchant
CPU: Intel Xeon E3-1231 V3 3.4GHz Quad-Core Processor ($247.98 @ SuperBiiz)
Total: $247.98
That is the same as an i7-4770 really, just a slightly lower clock speed. It costs the same as an i5-4690K, and you get all the benefits of hyper-threading, and the price difference issue is eliminated.
It is a great option, and I would seriously consider it.
Hope that helps