there are differences, of course, but the main thing is a mobile i7 has more cache than a mobile i5, and a little more clock speed, and the ability to TurboBoost to a higher frequency than an i5.
In desktop processor, the differences are more significant, but for a laptop, i don't think they are significant enough, so I just bought the i5 + hi-res, and very happy with my decision.
btw, only the i7 model of MBP has 512MB of video RAM, and it seems that's the most significant advantage of an i7 MBP.