I went with the i5 for a few reasons:
1) Immediate gratification - I walked into my local Apple store yesterday and came out with an i5
2) Real concern over HT problems with my music production software. The pro audio forums have been full of issues with the HT in the 2009 Nehalem Mac Pros. I'm sure it will eventually get sorted out, but I was somewhat worried about havings problems. I have one heavily scripted Kontakt (sampler software) library that the author specifically watned would run like crap on the HT Nehalem MP's.
3) My photography workflow is heavily centered on Nikon Capture NX2, and it is pretty poor from a multi-threaded standpoint, so another 4 cores that it can't use weren't going to help.
Since I upgrade computers every 2-3 years, it wasn't clear I would get much real-world benefit from the HT in the i7 since the audio industry and Nikon/Nik Software (who developed Capture for Nikon) don't have the reputation of being leaders in adopting/supporting new technology. Even CS4 is still 32 bit and limited to 3GB RAM. Frankly, once 4GB DIMM's come down in price and more music SW gets converted to 64bit, I would benefit from being able to get to 16GB more than some additional virtual cores.
Of course this could all be an excuse because I could get an i5 now and it might take several weeks for the i7 to get here.
At any rate, the i5/8GB machine I have is a lot faster on the stuff I do than the 2.8 C2D/4GB 24" it is replacing.