At the same capacity, the 7200rpm drive will be faster and personally, I highly recommend it.
As for heat/noise/power: Depends on the drive. The Hitachi 7k500 drives are said to be just as good as 5400rpm drives in terms of noise, heat etc. but I don't know which drives Apple currently uses for their MBPs.
In my experience, the difference in power consumption is negligible but the performance gain is noticable (especially in things like application startup times which are usually limited by disk access times).
Sooner or later the high end market will move to SSDs (which are much faster than _any_ HDD) but until the prices come down a bit, 7200rpm HDDs are the way to go.