Don't know if the OP is still around but here is my experience. I ran the Cinenbench benchmark on my 3.4Ghz i7 iMac. It computes the performance of a single core and the the multiple cores together. My multi-core ratio is 4.78. I am making an assumption here, but if there were no multithreading, the multicore ratio should be 4 if 4 cores are running instead of 1. So, that means that I am getting an additional 20% out of my i7 than I would with an i5.
However, that difference only comes into play when all cores are close to being 100% utilized. Watching my menu meters, I am usually barely tapping the capacity of this machine. However, when I use something like handbrake, I ping out the meters. If I were doing hours of handbrake converting, the i7 would make a difference (a 20% difference). But, usually I set a conversion to take place while I'm eating dinner and it's done in real time or shorter.
So, I have to agree that this decision really hinges on how you use your computer. For the vast majority it won't come into play that often and the difference seems negligible. However, it would bother me not having an i7 because I like being fast, even if I'm not using it much.