Yes and no.
If you're building a $1000 PC, it's what, $60-100 to go from an i3 to an i5? So, 10% the cost or less. Enough games will have 10% or better improved minimum frame rates, that sure, it's worth it. Look at the total machine cost, not just CPU cost. For example, 38 FPS v. 45 FPS is an 18% improvement, for <=10% of a cost increase. That's a no-brainer, and one of several reasons why Intel doesn't add Turbo the i3 series (it would decrease the relative value of the i5, i7, and E3 CPUs).
If you're building a $700 PC, and considering an FX-6300, the i3 gets you near-FX performance in the few games that love AMD CPUs, and far superior performance elsewhere, at the same cost. If an H81 mobo will work out for you, an even lower cost than an FX. The improvements from the 2nd and 3rd gen in IPC, making that smaller cache work well, plus the consistent clock bumps each gen, have made it a really good bang/buck series. In this case, an i5 would mean a worse GPU, so the i3 is a winner.
For a system that isn't doing gaming, video or photo editing of significant resolution, several VMs at a time, etc., there will be no discernible difference at all, between an i3 and i7, much less i3 and i5. The Pentiums still feel kinda laggy, relative to better CPUs, but the i3s do not (clocks + HT).