It's come down to this:
All components are equal except . . .
Option 1 - Core i3-350M (2.26ghz) and a 7200rpm HDD
Option 2 - Core i5-430M (2.26ghz w/Turbo Boost) and a 5400rpm HDD
My understanding is that these chips are pretty much equal except that the i5 has Turbo Boost technology to speed it up to 2.53ghz, but it only does that if only one core is being used.
I don't know how much that boost would actually be used. The laptop would mostly be used for internet, MS Office, photo editing, and some video.
I know I could easily change out the HDD in the i5, but I don't want to risk voiding the warranty.