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Core i5 is a Dual Core processor line. It is Intel's mid-range processor series. It has many of the same features as the i7s including: Hyper Threading, Enhanced Intel Speed Step, and Turbo Boost. In addition to these features many Core i5s also include an integrated graphics processor on the die.
For desktop CPU, i5 means 4 core, and i7 at least 4cores with hyper threading (i.e 8 threads). That's not true for mobile CPU. You have i7 processor that are 2 core, but with higher frequency than i5 (and a little more cache memory). Usually, the price difference between i5 and i7 is too high to be worth it.