i5! Spend the $220 getting 8 GBs of RAM instead!
Remeber, Hyperthreading is like going from 4 buckets (CORES) to 8 buckets (2 VIRTUAL THREADS/CORE). There is around half of the water (POWER) in each of the 8 buckets vs. the original four. Yes, Grand Central Dispatch does know how to work 8 cores, but hyperthreading is an assinine system.
That is not really accurate. Here is where hyperthreading is very useful: if you do a search on google you will come across a few threads on various forums where users are complaining about how they have a 4 core machine, or even a dual core machine, and when rendering etc. both cores are being used but the CPU utilization is only like 40% on each core.
"Why am I paying all this money and OS X is only using 40% of my processing power?" they will ask.
There are many instances (especially considering how powerful Nehalem processors are) where 4 threads running on 4 cores will not tax each core more than 50%. So with hyperthreading each core can run two threads at once and be maxed out far closer to 100% usage.
So basically i7 is not that much faster in terms of raw speed. Instead it allows you to tap into far more of the power you are paying all this money for.