yes.
Maybe in a few years, long after the warranty has expired, and after you've probably already upgraded to the latest and greatest, you could open it up and MAYBE be able to swap the processor chip. At that point though, the i7 would no longer be current and be considered slow. If Apple used an 1155 zif socket and did not solder the chip it would pop right out and you could put an i7 in. Most motherboards will accept either chip without problem. However, Apple does not use standard parts as you'll find at Newegg for the PC builders. That's part of what you are paying for with their much more compact designs.
That said, unless you are doing heavy duty video editing or 3d animation, you'll be fine with what you have for a long time.