Core i7 vs. Core i5 Performance Summary
The two Core i5 models Apple offers ship with a 2.40GHz or 2.53GHz processor, both with a 3MB L3 cache. The $2199 15-inch MacBook Pro comes with a 2.66GHz Core i7, with a full 4MB L3 cache. Compared to the entry level model that's an 11% increase in clock speed and a 33% increase in L3 cache.
While I don't believe there's much reason to go for the 2.53GHz over the 2.40GHz model (L3 cache size remains the same, clock speed goes up by a small amount), the Core i7 is actually pretty decent. For a 22% increase in total system cost you end up with 11 - 15% better performance in CPU bound applications. It actually even feels snappier in general use as well.
I'd still suggest opting for an SSD before considering any CPU upgrades, but if you're looking to keep your new MacBook Pro for a while the Core i7 is worth it.