I don't have any noise/vibration issues on my 2010 MBP with a 7200 rpm 500 GB HDD. The impact on battery life would be hardly noticeable and is negligible. An extra notch on the display brightness or viewing flash content would probably suck up more juice.
A lot of people tend to put their MBPs on sleep rather than power up/down so if you don't mind the extra 10 seconds (or whatever it is) on the initial bootup and extra few ticks on apps launch then take the slower drive. The decision between the drives would all depend on how you would use your MBP.
Also, and generally speaking, the more data one hoards, the less likely they're going to use a lot of it. So whichever drive you choose, the importance is to have a good backup/archive strategy as all HDD can unpredictably die anytime.