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I just got two quotes from Lenovo for a new work laptop, a Thinkpad t410. I asked for comparative quotes between i5-560m & i7-620M systems. At the time I was speaking to the rep, I did not realize how similar these two chips are. All I can tell that is different is the i7 has 1MB more cache. The i7 system is $200 more. Is it really worth that much? I know that cost is relative, but will an average user ever notice the difference?
 
What sort of uses will you have for the laptop, i.e. what programs, etc...? If it will be used for business related programs like office and such, I'd stick with the i5. Even though you'll get a bit of extra performance with the i7, for business related use, I can't see spending an extra $200 on a CPU. Check out the link in my sig. if you want to find out a bit more about each chip.