i5. iMovie isn't even properly multi-threaded so i7 won't make a difference. Besides, even if it was, I would say i5 because iMovie suggests you aren't doing any pro stuff. Save the money for RAM and SSD.
That might be an oversimplification. Benchmarks aren't affected that much by hyperthreading abilities, and the i7 clearly beats the i5 when it comes to benchmarks.
If you're doing FCP stuff I'd be more worried about the GPU than whether or not you go with the i7.