CPU best used with Gaming/Graphic Design/Photography

I'm trying to piece together a rough "shopping list" for my new build PC.
I use my system mainly for gaming and heavy graphic editing (Photography, Photoshop, working in huge resolutions). I understand the i5 processors are ideal for gaming purposes, but I have read that people who do serious graphic design would benefit more from an i7 CPU.

I'm on the verge of buying an MSI z87 G45 - Gaming motherboard, with the 1150 processor socket. Would it be beneficial to me to pay the extra and setting for an i7 rather than an i5?
I'm looking into this one, running at 3.5ghz:
http://www.ebuyer.com/467641-cpu-cor...bx80646i74770k

Now, the last time I was "up-to-date" with my PC components, Intel had just released their Q6600 quad processors, so I'm feeling a little in the dust here, so any input from something with better knowledge would be great :)

EDIT: I should probably also say that I am not looking to overclock anything on my system. I understand that some components have great potential to be pushed further when OC'd, but that is far beyond my doing without the risk of damage to my system!

I am using i7 CPU with 8 gb of RAM for gaming purpose its reliable for me

IMHO you would benefit from spending the extra on the i7 because of the graphic design work.

From XBitlab's tests the i7 is a little quicker (~5%) in their photoshop benchmark, so up to you if the cost difference is worth 5%:

http://www.xbitlabs.com/images/cpu/c.../photoshop.png

I would go for the Core i7. I'm into graphic design and 3D rendering too, so I'll definitely be getting the Core i7 for the extra horsepower.

I too would go with the i7. I do a little bit of 3d stuff and some game engine stuff ever now and then.