The old car analogy, huh? Aside from it being completely wrong (why do you think processors are made faster? So you can get work done more quickly) By your logic why not just get a used core2 duo? Eventually your jobs will complete just like they will with a new iMac it just takes 4 times as long.
Only true for things that can use the processor. For the OP a used Core2 Duo while slower isn't much slower. By no means 4x slower.
The OP said:
The i7 would be faster for heavy Flash content on the web, but no faster downloading web page content. Email isn't processor intensive, so no faster there, movie and TV show streaming doesn't go any faster than real time and a C2D handles that just fine. Same for iTunes. Light GarageBand usage is also fine on a C2D. If the OP had heavy usage such as video editing then I'd recommend the i7, but for his use it's just a waste of money that could be spend on other things.I just want to know if for just surfing the web, emai, lots of movie and tv show streaming, no games, no vid editing, some GarageBand type stuff, and iTunes, what difference would i7 make over i5 ... pray tell?