Trying to buy a Macbook pro, what is right for me?

Hi guys!
I'm about to buy my first laptop (that's right, I made it 24 years without one!) and thought that I would buy a Macbook pro as my friends have them and rave on about them, plus I have an iPhone and an iPod and thought I may as well keep it all in the family.
I travel constantly for work so was thinking I would get the 13 inch as it's a bit more compact.
I'm technologically retarded and am not sure whether or not to buy the cheaper one, which has 2.4GHz dual-core, Intel Core i5, 4GB 1333MHz, 500GB 5400-rpm1, and Intel HD Graphics 3000
OR buy the more expensive one which has 2.8GHz dual-core, Intel Core i7, 4GB 1333MHz, 750GB 5400-rpm1, Intel HD Graphics 3000.

As I mentioned, I know next to nothing about computers, and don't really understand what all this means! As for what I'll be using it for, mostly buying, downloading and watching movies, tv shows and music, watching dvds, general internet surfing, banking and facebooking, maybe having a little dabble into editing photos and videos, plus playing around with iTunes as I have about 80GB of music.
Can anyone recommend what might be right for me?

Cheers!
Teensy88

The entry level MacBook Pro 13" (lesser expensive model) should be fine for you. I was also going to suggest a MacBook Air, however, you mentioned the 80GB of music. The MBA comes with a SSD and unless you spend the extra money to get a larger one, your music will almost fill it from the start.

I'm in almost the same spot as the OP...limited computer knowledge, but have Apple products (iPhone, iPad...) and want to make a dive into the Mac pool, but can't and don't want to spend much for what I do.

I had a 13" Late-2008 MacBook located...but they are too proud of it, so I see that I can buy several 2008-2009 MacBook 13" Pros around me for the $500-600 range, which I can afford, although it's at my limit financially.

I've decided to go with the 13" MacBook Pro. Seems the best bang for the buck, and is almost as portable and svelte as the Air...which is almost TOO skinny & light for me.

You sound like a prime candidate for a macbook air. I can't believe how portable my 11" is. It's got all the computing power I need, more than enough storage space, and it's so freaking light.

I downsized from a 13" macbook which now feels like a behemoth to me. When you use full screen mode on the air, you get screen space comparable to the macbook. Plus, the dimensions of the screen help it to make the most of the real estate.

Cheaper too!

If your a music person you almost cant get the Air for space reasons. Not to mention you get a lot more for your money( ports, drives, space etc) with the MBP

I would always get the best spec for what I could afford to pay - you never know what you may do once you have your hands on one!