I went with the 500GB 7200RPM over the larger 750GB 5400RPM HDD. If I could go back in time and change my order, I would have done that.
When I was ordering the MBP, I didn't even give it a thought about the cons - lower battery life, more noise, I'm not sure about heat. I just thought like the most on this thread, speed over performance. I would never ever use every 750GB on my HDD, so why not get a smaller, but faster drive? I just first learned about the cons after receiving my MacBook Pro.
One of the biggest reasons for me to get a MacBook Pro, instead of any Windows machine, is the noise level. For me, the 7200RPM harddrive just make way too much noise.
As I still have the 14 days refund time, I'm thinking wether to return the MBP and get a 750GB HDD instead or buy a new HDD and put the current HDD in an enclosure and use it as an external.
OP, if noise, battery life and large amounts of GBs isn't a problem for you, go with 7200RPM. If it is, I would defiantly take the 5400RPM and buy a SSD when the prices are lowered in some few months.
EDIT: If you have a current MacBook (Pro) and want to hear the sound of a 7200RPM HDD, try download
smcFanControl and kick your fans up to a 3500RPM. That's pretty much how much noise a 7200RPM HDD makes.