Ivy Bridge uses less power but doesn't run cooler. An i7 is only necessary if you're going to run a million programs at once or doing video rendering or 3D stuff, but an i5 is more than enough for heavy gaming with other apps running in the background. HT doesn't help with games, and I bet even next gen games won't need more than 4 cores to run optimally.
~Des
.::Q6600 @ 3.15GHz / Zalman CNPS9700 HSF / MSI GTX 560 Ti Hawk (950/1900/4200) / ASUS Striker Extreme MoBo / 2x2GB Corsair 800MHz DDR2 / XFX PRO 750W PSU / Win 7 Ultimate x64 / Crucial M4 128GB, WD 2x500GB, 1x750GB / 2xDVD ODD/ X-Fi Titanium Fatal1ty / EarForce X12 Surround Headset / Logitech G15 Keyboard & MX518 Mouse / 27" Samsung 1080p HDTV::.
Carbide
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For just gaming the i5 is fine, its been shown since the i5 and i7 series was released.
However games have started taking advantage of HT, it is not predominant so far as many games still don't use more than 2-4 cores.
If all you will be doing is gaming the i5 will do you fine.
If :
1> you plan on keeping your rig a long time
2> you can get it for a good deal
3> if you do a lot of multitasking
4> use virtual machines
the i7 maybe a better buy
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