Different i5 processors in MBA and MBPR - Will I notice the difference?

Trying to decide between 13"MBA and 13" MBPR (both will come with 8G and 128 storage).  I notice the i5 in MBA is rated1.4GZ, boost to 2.7Ghz and the i5 in MBPR is 2.6GHZ boost to 3.1 GHZ.  Will I notice a difference?  I am struggling with the purchase decision.  This is my first Mac purchase.  Machine will be used for family including 2 middle schoolers, so used for documents, spreadsheets, presentations, internet, hobby level iMovie and iPhoto.  Machine will largely stay home.
The only other differences I see is the HDMI port on MBPR (can't decide if I would use, but seems like it would be handy if making movies and storing photos) and the display, but not sure I will really see a difference.
Any thoughts?  As configured the price difference is about $160.

The MBP is faster than the MBA, you will notice.
128GB is very little, I would reconsider that.

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