You won't benefit from the Xeon's hyperthreading if you aren't processing large files and doing editing and stuff, and with a CPU cooler and the fun and satisfaction overclocking can give you, the i5-4690K is an unbeatable choice.
And if im not mistaken, the Xeon is more comparable to an i7-4770? In which case, the overclockability of the i5 would push it past the performance that the Xeon would give. Seeing as the new i5s can reach anywhere from 4.8-5.5 GHz, that will give you a significant amount of performance over the Xeon.

but anyhow it depends on personal opinion, for me, i go for 4690K, my other staff, he love Xeon 1231 very much