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Getting the newer and better one would be the obvious choice except for the fact that your old computer is dying. The general recommendation seems to be to get the new hotness unless you need a new machine ASAP, and only you can make that call.
 
anyone know how it works?

Call them up. I did it yesterday. The newer model IS better and you'll be getting more for your money. Plus, when you go to sell it it will be more attractive. The speed bump may be noticeable depending on how you use your machines. It would certainly be noticeable to me. I exchanged a 2.3 i7 for a 2.5 i7 - 8% faster and bigger cache - no brainer.
 
Will Apple replace my Early 2011 with a late 2011?

I'm in a similar postion as the OP, except the only difference is that I bought my MBP from eBay (brand new and sealed). Maybe I am being optimistic here, but would Apple take my Early 2011 MBP (that comes with Lion preinstalled) and replace it with the late 2011 version? This is a serious question, I'm quite sad of hearing about the new version which has replaced my current base 15" model which has a 256mb GPU with a 512mb GPU at the same price, especially as I was hoping to do some gaming on the machine (not interested in the CPU upgrade).

Sorry to sound like a a$$hole who's getting worked up about a slight spec bump, but this hurts having spent a long time saving up for my MBP only to find it being replaced with a newer model which has the better GPU that I was particular interested in.
 
I would definitely exchange it, the new one is faster and has a respectable GPU now.
 
I'm in a similar postion as the OP, except the only difference is that I bought my MBP from eBay (brand new and sealed). Maybe I am being optimistic here, but would Apple take my Early 2011 MBP (that comes with Lion preinstalled) and replace it with the late 2011 version? This is a serious question, I'm quite sad of hearing about the new version which has replaced my current base 15" model which has a 256mb GPU with a 512mb GPU at the same price, especially as I was hoping to do some gaming on the machine (not interested in the CPU upgrade).

Sorry to sound like a a$$hole who's getting worked up about a slight spec bump, but this hurts having spent a long time saving up for my MBP only to find it being replaced with a newer model which has the better GPU that I was particular interested in.

Why not sell the one you bought from ebay (sell locally at a discount just under student discount to avoid ebay fees) and cough up the difference and order a new one from Apple? They're not going to replace a computer you didn't buy from them even though they manufactured it.
 
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