There are currently no single cards that bottleneck an i5 afaik. (apart from maybe the titan XP, but if you can afford that you won't be going i5!)
The hyperthreading of an i7 over an i5 provides twice as many cores, therefore allowing twice the graphics power to be taken advantage of theoretically.
Now this does not mean that you'll instantly see massive performance improvements in SLI, it just means that there is more CPU power there, which will allow SLI 1080s for example to boost up to their full speed without bottlenecking.
The amount of CPU power a GPU needs obviously varies, but it is determined by the IPC, (intructions per core, essentially how strong the cores are) clock speed, and core count.
The i7 6700k has 8 threads, the i5 6500 has 4 threads.
Because the AMD FX-6300 has lower IPC than an Intel for example, this means that it's 8 cores and higher clock speeds will be irrelevant due to the little that the cores can actually achieve.
This IPC difference is why AMD falls behind vastly, with a stock speed 8350 coming nowhere close to an i5 6500 let alone the higher end of the market in the x99 chips and the i7s.
I think i'm explaining this right, but let me know if i'm not.