One should keep in mind that these results only apply to heavily multi threaded programs, which are most common in video editing and encoding. Not all programs that use multi threading actually benefit that much from hyper threading on a quad core, since they hardly have more than 4 CPU intense simultaneous threads.
Keep in mind a good chunk of that gap between the i7 and the i5 for multithreaded isn't even from HT though. HT isn't that much of a boost, since your code has to be mired in things that would halt the CPU but not yield to another thread. And the gap for such gains has never been very high.
The real gap comes from TurboBoost more than anything else. Since the i5 can go up to 3.9Ghz for ST work, and the i7 caps out at 4.2Ghz, the gap is fairly small. But push heavier quad-thread workloads, and the i5 throttles down to ~3.3Ghz, while the i7 is still able to push ~4Ghz. So suddenly the per-core performance is in bigger favor of the i7 than it was in a single-threaded test which leaned more on TurboBoost. And you should be able to see the majority of this effect with HT disabled.
This does assume both chips remain within their thermal envelope and don't throttle, though. But that just gets complicated to hash out in a forum thread.
Yet you compile locally?
I know, this is an assumptious question, but I haven't worked in an environment where anything beyond unit tests aren't compiled on a build server.
But besides that, obviously there are many compilers that benefit a lot from HT. So if intense local compiling is a frequent use case, an i7 is definitely worth considering.
Again, one of those things I'd love to leverage, but unfortunately the company I work for is a bit more established, so our builds are still rather monolithic and codebases are big enough to
break tools like git without addressing the monolithic nature of it all. But it means no iMac can really build our code fast enough right now at the developer's desk.
At home I use the i7, but mostly because I do photo/video work that is multithreaded as a hobby, and can justify the cost (especially now that I don't have a laptop to upgrade on a similar schedule). My home projects aren't nearly big enough that the i7 really matters for code.