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With every mac I've ever bought I always got the top end processor for future proofing. In normal day to day tasks the i5 is not going to be any noticeably slower than the i7. If your main concern is opening applications fast, then an SSD is going to make more of a difference.
 
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I don't anticipate any applications that will benefit from hyper threading. So any advantage for me of the i7 would be increased processing speed for normal applications. Based on the stated 3.2 and 4.0 GHz ratings, is it correct to assume that the i7 would be about 25% faster than the mid-spec i5 for my normal usage or am I missing something?
 
Does Handbrake have a "nightly build?" If so, I wonder why?
The nightly at the moment seems less intensive on the processor and gives a quicker encode time. Run boot camp and gain quick sync and it's blazingly fast!!
 
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