The primary difference is the CPU. The 6th gen i5 is simply a quad core CPU. The i7-4720HQ is a quad core CPU with Hyper Threading (HT). Games generally do not benefit much from HT with the exception of dual core Intel CPUs and that is only if the game can take advantage of more than 2 cores (2 threads).
For example, performance between a desktop Core i5 and Core i7 (with HT) is negligible with only about 1 or 2 FPS difference assuming all other components are the same. However, when comparing a dual core Pentium G640 to a dual core i3 (with HT), the G640 would always be running at 100% and there is about a 33% difference in performance assuming all other components are the same.
To the best of my knowledge, the GTX 950m is configured with either 2GB or 4GB of VRAM. From a gaming perspective, there is no difference because the GTX 950m is too weak to take advantage of more than 2GB. Generally speaking, games use 2GB of VRAM (or more) when they are played at 1080p resolution and when using very high graphic settings. The GTX 950m is took weak to play most games using those settings and still have okay performance. Therefore, the amount of VRAM is not important.
The GTX 950m is probably best used to play most games at 1600x900 resolution and medium graphic settings. At which point less than 2GB of VRAM is going to be used. Realistically speaking, I would say 4GB of VRAM is not really necessary unless you get a laptop with a GTX 970m. That is the point where you can consistently get good performance in most games running 1080p and at least very high graphic settings.
Checking the Amazon link the Asus laptop has 2GB of VRAM. You need to scroll down to the technical specs.
If I had to choose one for myself, I would probably get the Asus because once in a while I encode video and that is something that can benefit from Hyper Threading. Plus it also has more storage capacity and the fact that it comes with a 128GB SSD. In terms of playing games, both should perform similarly.