benchmarks that I've seen for current programs show that there is almost no difference in performance between the i5 and i7. That's with current generation programs though; as more programs take advantage of quad cores, you'll notice more of a difference between the two.
If you're doing very CPU intensive computing, rendering or whatnot, you might want to splurge for the i7, or if you plan on owning it more than 4 or 5 years when the programs available will showcase the difference. If you're doing just about anything else and plan on upgrading again within the next 4 or 5 years, you'll be totally fine with the i5