I'll say this... (having successfully overclocked the i5 @ 6 different settings & stress tested them all a long time..)
The i5 -750 can easially go to 3.612 GHz @ 1600 RAM, if you want to go higher than this, you will need to tweak the ram @ either 1200 or 1066, as it will not stabilize @ 1600 RAM without some danger to your processor.
(Intel warns that voltage over 1.65 v for your ram can damage your i5 processor)
With that being said, I'd say for $150-$200 that's a really nice chip!
However....
The i7 920 can achieve some pretty astounding results, and yes it may cost you like $200-300 more for the set up, the 920 however can reach 4.0 Ghz very easy and at a lot less voltage than the i5, to say the least... (I'm pretty sure the i7 920 OCs over 5 GHz!)
If your serious about getting max Overclock, go i7 - 920, if your on a budget, want a future proof motherboard, then get the i5, it's a great day to choose between 2 great chips! (The 1156 will support 5 more chips comming out!)
The i5 Can reach 4.0 GHz (it's been proven to be stable on 1200 RAM)
You will need a water cooler to reach 4.0 GHz however..
A Fan Cooler, like the Hyper 212+ by Cooler Master can run 3.612 GHz ALL DAY..
I like the i5 because of it's price point...
Can it beat ALL AMD Chips on the market? The answer is simply, YES!
So why would you ever buy AMD again? Beats me...
(BTW, I think 4.3 GHz is the current record on the i5 Processing Overlock Forums so far...)
BOTTOM LINE:
The i5 750 is a better choice.. (money wise)
The i7 920 is a great Over Clocking Beast! (But you will pay for that raw power!)
The other i7s are just wasted shelf space, seriously...
If you really want a great chip, get the Core 2 Duo e8600, now that my friends is a REAL UBER MAD CHIP!
(Over 6GHz! OMG!)