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I have recently got an i7, which an i5 is based on and it was a noticeable difference over the faster clockspeed Intel Core 2 Quad I had a while back. That Core 2 Quad is supposedly about the same (give or take depending on the benchmark) than the AMD so I'd surmise that the Core i5 will be faster than the AMD Phenom II (Don't get a Phenom 1!)
The AMD will be cheaper, and from what you say you won't need the i5's power/speed anyway. However you have overclocked the CPU in your sig so I would expect you to overclock your new one?
If overclocking, go with the i5, easily. If not then the decision is a bit hardfer, though the i5 will definately give more performance.