There should not be a difference in heat... my understanding is that the i7-branded chip is just a more efficient CPU (meaning it was binned as a better quality chip). The i7 is able to maintain 2.3Ghz base clock at the same power requirement of the i5 at 2.0Ghz. Power draw is directly proportional to heat generated, so the resultant heat should be the same (because same power draw).
Along the same line, battery life should be basically the same... I haven't seen any good tests. It is possible that because the i7 is slightly more efficient and perhaps marginally better in quick bursts that it could just maybe be a bit better in terms of battery. However, this is not likely to be felt in reality.
This is my opinion based on my understanding of how Intel bins chips. I have not conducted or seen any tests on the matter.