Is that a bottlenecking issue? If so, is there an advantage to going with more ram? Without hyperthreading, it would seem that the i7 is just a 2.8 gHz quadcore comparable to the yorkfield processors (i.e, not worth the price increase). The reading I had done with 3ds Max, Vray + i7 seemed to conclude that the i7's "8 logical cores" put it at or about the same specs as a non-hyperthreaded dual quad setup of comparable speed (2.5-2.8 gHz).
One last thought on going with a more powerful node vs. 2 less powerful nodes. I use Vue xStream a lot, and they unfortunately charge an extra $150 per rendernode license. I believe some other software publishers do the same. So that adds $150 to the cost of your second node. Also, You're running extra wattage 24 hrs a day on longer rendering jobs, so whatever that comes out to (variable costs vs. fixed costs).
I'll definitely try it with hyperthreading disabled and give a heads up. The goal of this experiment is to try to find a perfect balance point between performance vs. costs (fixed AND variable). I have a feeling I know and you know what the results will show, and it is going to be contrary to what the 3rd party vendors are pushing these days.