As for replacing the tablet for another one - no! The next tablet might even be worse. Battery life also depends on what you have hooked up to it other than the keyboard. Also, the keyboard itself could be an issue.
As for the i7 - that one would eat more juice. That is a blazing fast CPU but requires more juice to work.
Swapping out the tablet is totally up to you and getting 5 hours is possible to be the 'real world' battery life of the i5 Pro 3 models. The i7, I would suspect, would have a 4 hour battery life.
At 5 hours, you are getting more than an average laptop. I think you are in the ball park of being good and I would say keep it as long as you are not having problems with any component on the machine.
The Pro 3s are showing to have fewer problems than the previous two generations. Still some problems but WiFi/Bluetooth seems to work and so do the cameras, keyboards, etc. I made a self prediction that by the time Microsoft got to the 4th generation models,
the problems would be in the past and that might happen.
It is up to you, but I would keep it if there are no mechanical problems.