It seems to me that this design was probably intended for Broadwell, but with all the delays MS decided to launch it anyway. It clearly has far less thermal capacity than the SP1/2 design, and I have to think that when that compromise was suggested the other side of it was Broadwell's 30% power consumption/heat production drop balancing it out. I imagine a Broadwell chip of the same class would show sustained performance very close to the SP2 (close enough that it would feel like an acceptable trade for heavy users). The i7 model isn't likely to change things much -- it may actually be a bit more power efficient at the low end (better binned chip), but you aren't going to see any real sustained performance gains since the limits are thermal.
Personally I don't find the 0.24lbs worth the performance hit compared to the SP2. Thickness never concerned me one way or the other, though obviously getting thinner is a good part of how MS accomplished the weight drop (less metal). I'm not interested in using the device for gaming, but the software I run more or less has the same requirements (3D modeling, pretty aggressive use of Photoshop). I assumed Mike Krahulik (Gabe) was just confused by n-trig hover lag when we described lag in Photoshop, but it's now clear that the SP3 is going to be quite a bit slower in any moderate to heavy CPU+GPU situations. Considering the resolutions and number of layers he works with I'm not surprised that he ran into some throttling issues.
For the average user this is probably an acceptable trade (weight for sustained performance). My use case is a fringe situation, but the fact that the SP2 could actually match MBA performance while providing a built-in digitizer was the main selling point for me. The SP3 is no longer a device that interests me. I'll have to wait and see how this cooling solution works with a Broadwell chip.
I guess my real disappointment is that MS is trying to make the SP the mainstream user device to replace the RT line (which was a massive failure no matter what anyone in this forum might say about it). I was hoping they would maintain a split, with the SP continuing to be capable of heavy lifting while a "Surface" (non-pro) device worries about the thinner/lighter/less functionality market.