I guess I will offer the one contrarian view so far. Do you plan on having this system when elements 9, 10 and 11 are introduced? Are you going to buy a new 15+ MP camera in the next couple of years? It is hard to anticipate when something like photo editing can turn from a part time activity into a passion in which case having the extra horsepower with an Core i7 will be appreciated. I just bought a new Nikon DSLR and am using Elements 8 on my Ci7-920 and still have to wait for the application to load. Agree, if you are just word processing, surfing and removing red eye you will be fine with a Core i3. But try and think of your future needs before you pull the trigger!
TimWoodChip
Disclosure: TimWoodChip is an Intel employee and aspirational sponsor of tomorrow