Need laptop for school but also want to game

I am looking at a Dell xps 15 laptop for med school and gaming. I am looking at two different variations one with the Intel i7 740QM processor and Nvidia GeGorce GT 435M 2GB. The other variation comes with intel i5 480M (could upgrade to 540M) with a Nvidia GeForce GT 420 1GB. The latter is $300 cheaper. Is the intel i7 with the nvidia 435M 2GB produce that much better gaming results? I usually just play mmos which are less graphic intensive.
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  1. Do you care if you play on low-med settings, and what MMORPGs do you play? Microtransaction F2P games, or Wow?
  2. EVE, WoW, probably swtor (when it comes out) stuff like that
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