The benefits of the i7-980X are limited. Anyone who could truly use (and afford) the i7-980X would probably get more out of two Xeon 5500 series chips. Most everyone else is just wasting money on excess cores and power consumption.
Waste of money. A gamer would do better to spend time, money, and effort on their graphics, storage, power, and put some effort into setting up a system that operates quietly.
Possibly, but you'd get way more out of a dual CPU system with more physical cores.
The Extreme Edition processors seem to be more for those with too much money and not enough sense. Cut down a couple editions on your processor, overclock a bit, take care of the real slow spots and you'll get more bang for your buck. I run my i7-920 at 3.0GHz and it took zero effort.
I like to buy just behind the bleeding edge! You can get close to the same performance for a fraction of the cost. The bleeding edge gives you bragging rights.......for a few months.