I've got the i7.
I wouldn't even bother looking at the clock speeds as like you say they will both be power limited, are both quad cores with the high end G7 GPU, etc.
The significant difference is CPU cache.
The i7 has more. Which may help performance of certain apps under certain scenarios. May multitask a bit better, etc. But...cache has diminishing returns. It will help a little bit, but it won't be a huge difference.
I bought the i7 because at the time it wasn't clear the i5 and i7 would have the same GPU and I wanted to make sure I got the higher spec integrated graphics.
If I was to buy again, I'd seriously consider the i5 instead, because the reality is outside of benchmarks, I don't think you'll see a difference in day to day use.
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I'm thinking heat - will the i7 be better in the long run or will it generate more heat so to speak?
I don't think you'll see much/any difference between i5/i7 in heat. They'll both be thermally limited, but the i7 does perform a little better due to the cpu cache which may mean depending on workload it may get things done before it gets hot.
You're splitting hairs at that point though.
As per someone else above, it wasn't a huge extra spend in terms of total laptop cost vs. the i5, and I wanted to make sure I got the top spec GPU, so I went with the i7 myself.