You can see the difference between HT and no HT
here on the turquoise and brown bars on the far right (i5 @ 4GHz, i7 860 @ 4GHz). Unfortunately the reviewer there is a bit retarded as he is benching CPUs, yet setting graphics settings in the games to max, thus causing the benches to be GPU limited. However, you can see that in most cases the HT does not make much difference. However... the i7 920 has triple channel memory and QPI instead of DMI.
Everything is amount money. It is pointless to consider otherwise. It is also about your personal preferences. GPU vs CPU vs Storage. Noise vs Performance vs Price. For example you could go cheaper on the HSF by putting a single high RPM fan which would give as much or more airflow as two fans on low RPM. Then you'd be putting price ahead of noise. It also depends whether you're going to overclock. The i7 860 has much better turbo-mode than the 920, so if you're not overclocking it would be much better. If you are overclocking, you have to turn turbo mode off (so the 860 loses it's biggest advantage) and, the 860 goes from 2.8->4 (+40%) whereas the 920 goes from 2.66->4.2 (58%) fairly easily (all things equal).