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Depends... If you're near a Microcenter, there isn't any reason to not get the i7 950 in that price range. I mena, you didn't provide any details. Is it for gaming only? Which games do you play?
Actually, the i7-950 is still more expensive than the i5-760 even after the discounts at Microcenter. That's because the i5-760 is also discounted over there. As such, the i7-950 is still $60 more expensive than the i5-760 at MC - and then, the i7-950 also needs a more expensive X58 motherboard and three sticks of RAM to run at its best. The total cost of an i7-950 would actually be about $160 more expensive than an i5-760 (and that's for an entire platform, not just the CPU).