The main difference is turbo-boost. The i5 will boost up to 2.8GHz, while the i3 will remain at 2.4GHz. The graphics IGP is also clocked faster (iirc).
For regular usage, I doubt you will see much difference. For encoding videos and hard graft, you probably will.
Cinebench R10 benchmarks puts the i3-370M at about 88% the performance if the i5-460M. It depends how much this would be worth to you
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