My initial impression of the 17" with a 160 GB 5400 disk is that if definatly not feels slower then the 17" with a 7200 RPM disk. This is after only a few minutes with the new 5400 17" though. I could update my impression after a bit more use.
The 17" I use with 7200 disk is not the C2D though but rather the 2,16 CD-version with 2 GB RAM and the one with 5400 is a 2,33 GHz C2D with 3 GB RAM, so there is a slight difference in the CPU-performance and memory amount which could make my comparison a bit unfair.