I believe Lion is just for the iPad? I was debating this for a month or so in my head and I finally decided i'm picking up the i7 15" MBP which is regularly 2200 for 1900 with the student discount (or its something close to that).
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Yep if you can't hold your horses, i would go for an i5 or i7. Definitely not the core 2 duo not that they are no good, but you will have more bang for your money. Could look at refurbished macs on the apple store.
I'm in the same dilemma, but i will sit this one out.