It is interesting that you say that, because I have resisted from upgrading from my own i5 2500K @ 4.5GHz for that very reason. What is 'significant' is totally subjective of course, but I would argue that a 'noticeable' increase in performance would constitute a 'significant' upgrade.
So, for me personally, Coffee Lake makes sense as an upgrade as it provides a 'noticeable' ST gain (approx 30% taking into account IPC improvements and higher clockspeeds) whilst MT performance would probably be closer to a 100% gain if you factor in the extra 2 cores and HT, were I to opt for a 8700K.
A R7 1700, for example, would have provided a small IPC boost over my 2500K but at the expense of 500MHz clockspeed (assuming a 4GHz overclock on the 1700), so overall ST would be a 'sidegrade' at best. Of course the MT capabilities of the 1700, like the 8700K, would be roughly 2x that of my overclocked 2500K, if not more.
Assuming the prices quoted earlier are correct and the 8700K is $80 more than the 1700 (notwithstanding platform costs, I would assume a Z370 would be the costlier platform) would I prefer the 8700K despite the higher cost? I would have to say yes, as I really don't want to 'sidegrade' my ST performance from a chip I've owned since 2011.