To answer OP's question, I am upgrading . . . to a 3770k.
Given IDC's testing, Sandy & Ivy may be in the optimum zone for overclocking. Reducing process size vs increased leakage. It looks like the chips will get hotter from now on as they shrink.
And cooling solutions will not fade into the sunset.
I agree with this comment. Die size of 4770K is the same as that of 3770K (22nm). The physics operating in this die size should be the same for both processors. Since 4770K has a bit more features than 3770K (such as an improved iGPU performance), it is expected that the the temperature is a bit higher in 4770K than 3770K.
In gpu world, people don't complain the small bump of performance from one generation to the next if the die size is the same (such as HD5870 vs HD6970, GtX480 vs GTX 580, 45nm die size). However, once the die size shrunk from 45nm to 30nm, the performance increased (such as HD6970 vs HD7970, GTX580 vs Titan, I think that GTX680 is a mid-range card if you consider its power consumption).
However, as he pointed out, I feel that the benefit of die size shrinkage seems to be getting smaller after 28-30nm. More and more leakage due to quantum effect is problematic for sure when the die shrinks, I guess. Since cpu reached to 22nm before gpu will reach to 20-22nm maybe next year, we are observing this symptom already in cpu field, I feel. I am very curious how much gpu performance will increase when they start to manufacture gpu on 20nm die.
Anyway I am not surprised the performance of 4770K if you consider it is made with the same die size as 3770K. And if you don't need iGPU or other new features, there is not much reason to get 4770K instead of 3770K.