Well, going off of the Seagate specifications for their 500GB 7200 vs 5400rpm notebook drives (as a representative sample - I don't know what brand Apple uses), here's the power differences:
Seek power: 2.2 vs 1.54 watts
Read power: 2.1 vs 1.4 watts
Write power: 2.2 vs 1.78 watts
Idle power: .69 vs .67 watts
In all cases, the lower number is for the 5400. For most users, the hard drive will be idle much of the time, so as you can see, the power difference is insignificant. If you do have something that is using the hard drive all the time, the 7200 will have a slightly shorter battery life. If the Apple uses a 66 watt hour battery (a guess based on their battery life and the capacity used in other comparable models from other manufacturers, with a slight adjustment to make the math easier), and has a 6 hour battery life when the 5400rpm hard drive is used constantly, that gives an average power consumption of 11 watts. In the worst case circumstances (read), the 7200 draws an additional 0.7 watts, giving 11.7 watts as the new power consumption. This would use up the 66 watt hour battery in roughly 5 hours 40 minutes. So, in the worst case scenario, you lose 20-30 minutes on the 7200, and in most cases, you effectively lose nothing.