Both processors are laptop processors so I'm assuming you are looking for a laptop. The i7 has 4 physical cpu cores that run up to 2.8GHz each while the i5 has 2 physical cpu cores that run up to 2.93GHz. Both processors have Intel's Hyperthreading which means that they have double their physical cpu cores in logical cores.
A logical core can be thought of as a pipeline that is independent of another for processing power. This means the i7 has 8 logical cores and the i5 has 4 logical cores. Generally people use laptops for web browsing and such which dosen't really put a strain on the processor so it wouldn't matter which one but if you are using the laptop as a desktop replacement and need lots of multitasking power then the more logical cores the better even though the rated speed is slightly lower.
With more logical cores it can process more in the same amount of time. And for the other poster the i5 came after the i7...
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