Where did you get the 70 watt difference? Do not look at TDP and think it means power usage. It doesn't. It is almost completely unrelated and measured differently by Intel and AMD.
If you are looking at actual power usage data, remember that an 8350's maximum usage is doing more work than a 4670's maximum usage. Meaning that for the same workload, the difference will be smaller than it looks, but still likely in favor of the 4670. Both running Prime95 is not the same workload.
And there is a big difference between idle and load.
Finally, gaming will not use 100% of your CPU, basically ever.
Little late, but this guy knows what he's talking about. Too often TDP is interchangably with wattage. I tested several frequencies last weekend on my 8320, but have no Kill-A-Watt to test it.
Diffrences on your powerbill is realy minuscule, and its also depending, on your psu. how more efficient it is, how less you gonna pay.
FX8320 uses more power on full stress, then i5, but you won´t realy notice this in the real world. also the FX8320 is alot cheaper then the i5. so yeah.
p.s CPU on its own, does not use that much power, the GPU is the biggest powerhog in the system.