The i7 is significantly better than the i5, the largest part is probably the generational improvements that have happened. The i7 is a third generation processor while the i5 is first generation and a lot of efficiency improvements have been made.
To compare the processors:
CPU Class Laptop Desktop
Clockspeed 2.3 GHz 2.7 GHz
Turbo Speed Up to 3.3 GHz Up to 3.2 GHz
Max TDP 45W 95W
Single Thread Rating 1634 1136
CPU Mark 7457 3722
(Courtesy of cpubenchmark.net)
The single core performance of the i7 is better by a good margin, but the CPU mark (which would take multicore performance in to account) is significantly better, even considering that the i7 is almost half the thermal rating of the i5.
As long as the rest of your system meets requirements then your processor is well above what they are listing as their minimum.