Hi Isaacmata,
Below is a link to extensive comparison between the two latest i5/i7 chips, the i5 6600K and the i7 6700K. Click on it, this gives us an apples to apples comparison between the two chip types.
http://ark.intel.com/compare/88191,88195
In the comparison you will note lines that are background colored yellow, this highlights the features that are different. The primary difference is the number of threads, namely the number of tasks that are being carried out by the CPU. The number of threads is tied to the number of physical cores in the CPU. Both of these chips have 4 physical processing cores but the i7 uses Hyperthreading technology to allow two threads to be managed concurrently (but not at the same time) by one physical core. To explain, Hyperthreading is a queue system that allows a core to process the second thread while the first thread is waiting some other component (RAM, GPU, etc.) to respond back to the CPU.
The other main difference is the i7 has a higher Processor Base Frequency. This is how many operations per second (Hz) can be done on a thread. Think of it like a runner, the more footsteps per second the faster the runner will travel. Other differences are more Cache memory and of course a higher price.
Now computer processing comes down to two main things, how many things can I do at the same time and how fast can I do any one thing. For gaming there are different requirements for the CPU depending on which game it is. Some games want you to do a lot of things at the same time so the number of threads becomes more important. Other games want you to do fewer things but they want it done faster so the Processor Base Frequency becomes more important.
So is an i7 worth it? I am scared to answer that question for fear of starting an all out forum war
But having said this I will. Tom's current recommendation is one I agree with, i7's are not
currently worth the extra cost, you get into diminishing returns. IMO (whether humble or not), at an $800 prices point, it is definitely not worth it. Put more of your money into the video card (GPU).
Last, the i7-6700 is an 1151 socket CPU, any Z97 motherboard has an 1150 socket, they are incompatible. Rather than talk about the other components here is a suggested build using an i5 processor. You are new, I did not spec for overclocking to keep the cost down. Think of this list as a starting point if you like or build it as is. Enjoy.
PCPartPicker part list:
http://pcpartpicker.com/list/zrnwzM
Price breakdown by merchant: http://pcpartpicker.com/list/zrnwzM/by_merchant/
CPU: Intel Core i5-6500 3.2GHz Quad-Core Processor ($198.99 @ SuperBiiz)
Motherboard: Gigabyte GA-Z170-HD3 ATX LGA1151 Motherboard ($82.98 @ Newegg)
Memory: G.Skill Ripjaws 4 Series 8GB (2 x 4GB) DDR4-3000 Memory ($46.99 @ Newegg)
Storage: A-Data Premier SP550 240GB 2.5" Solid State Drive ($58.99 @ Newegg)
Video Card: EVGA GeForce GTX 970 4GB FTW ACX 2.0 Video Card ($249.99 @ Newegg)
Case: NZXT Source 210 Window ATX Mid Tower Case ($44.99 @ Newegg)
Power Supply: Corsair Builder 500W 80+ Bronze Certified ATX Power Supply ($29.99 @ Newegg)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($16.88 @ OutletPC)
Operating System: Microsoft Windows 10 Home OEM 64-bit ($88.91 @ OutletPC)
Total: $818.71
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2016-08-14 15:19 EDT-0400