I need it to last 6-7 years idealy, which is how long the last one has lasted (it could actualy be longer and hence why I aim higher up the spec ladder on first purchase).
I need a single PCI port and my newly aquired
prom programmer is USB 
In 6-7yrs time, even the fatest Extremes available now will be virtually unusable. I use a 6/7yr old desktop for my electronics work (due to right ports, not available on most modern PCs). Its a fast-ish P4 (3Ghz, Intel D865PERL board, 1G RAM, Win98 and XP dual boot). Its unusably slow imho. Hence why I normally would suggest going more modest (cheaper) spec, and replace earlier - the overall cost will work out the same, or cheaper, but over the entire life of the 2 systems, it will always be fast enough (for general use), whereas the more expensive one will start to become tedious at the end of the same timespan.
Additionally, it means you aren't tied into a system should a new piece of killer/must have processor technology come along - previous examples have been 64bit, VT and HT etc
If that makes sense?
However, if you want the faster one now, to be honest, most of the i7 chips (though check the specific one on Intel's site, as under the new naming standard, all i7's (and i5s and i3s) have different features enabled. Its really confusing, and you can't just think that a faster i& is better than a slower i7 (the processor number gives a clue to perfromance though).
Additionally, some have dual channel memory controllers (the memory controller is on the CPU, rather than in the MCH now), some are tri channel. Make sure you bear that in mind, as its better to run in dual (or tri, depnding on CPU) mode than single channel.
Lastly, its entirely feasible, in 5/6/7yrs time that 4Gb will not be enough. Ensure the system can take a decent amount. I would suggest that up to 8Gb should be more than enough, unless you are planning on using tools such as VMWare or Virtual PC etc.