Having owned all 3, and currently settling for a 2500K I make the following observations.
Performance
Unless you are addicted to benchmarks, you will not be able to tell the difference between them. On paper the 2500K and i7 950 are equal, with the 2600K being slighlty ahead but in real life (gaming, general Windows apps and the occasional encode) I noticed no difference.
Efficiency
The i7 pulls approximately 15W more electricity at idle and 40W more when fully loaded than the 2500K. Run both for 4 hours per day and the i7 will cost about £5 more per year than the 2500K (~25W average x 4 x 365 / 1000 x 15p per kWh). Not much in it really, especially when graphics cards, monitors and the rest of the system components will pull a lot more.
Cooling
2500K and 2600K do run a lot cooler (10-15 degrees).
Motherboards
1366 mobos tend to be expensive compared to the budget 1155 mobos.
Conclusion
If you can pickup a cheap used 1366 mobo and i7 920-960 they are well worth the money. Sandy Bridge is NOT a massive step forward unless you are building a Small Form Factor PC, where the improved thermal performance and onboard graphics will make a big difference. For anyome who already runs a 1366 system it is not worth upgrading unless you have nothing better to do with your time.
For anuyone buying brand new, Sandy Bridge offers much better value and equal to slightly better performance. If you currently run 1366, wait for Ivy Bridge.
Other thought's
I only moved sideways from 1366 to 1155 because I wanted to downsize from a full tower HAF-X case to a Sugo. I have measured the power consumption with a plugin monitor and the savings are not that great. I have however squeezed equally powerful components into a much smaller case, but it did cost a lot to do so.