I should clarify the i5 comment - with the widespread implementation of dx12, cpu bottlenecks will no longer be an issue for any of the more popular 4+ core CPUs on the shelf today. When gaming performance is identical between a $70 860k and the $200 i5 I would suggest it has "fallen victim" to the AMD. Sorry I wasn't more clear with my original statement.
You seem to be making assumptions or getting mis information on dx12. It will not magically make the 860k on par with a i5. Games that are out now that wont utilise dx12 wont benifit from it. Yes it will reduce the so called "bottleneck" of amd cpus but you wont see that happing untill game developers start utilizing dx12 in games. And when that does happen the i5 is still the stronger core and therfore any gains the 860k will get the i5 will get too.
No, I'm not. It's not magic, it's an intelligent API. There are more variables than either of us could shake a stick at if we were to be completely objective about this discussion, but I'll simplify it down in an imperfect but hopefully clear way. An 860k with a cheap cooler can be had for about $100. It's safe to assume a 10% overclock is in the cards. The highest performing i5 listed between $100-$200 on Newegg is the 4590 for $199. Using PassMark(please remember I said imperfect, ok) the performance of these two CPUs, once the 860k is OC'd, will be within 10% of each other. DX12, much like PassMark, will not be limited to using just a couple of the cores, negating Intel's current IPC advantage and subsequently higher frame-rates. Everyone wins - especially the guy that only spent $100 because he could then spend that same $100 on a better GPU or nicer monitor.