Which configuration is better: higher GHz and lower RAM or lower GHz and higher RAM?

I want to buy a new iMac. If all other factors are the same, including price, which configuration is better?
21.5" iMac (late 2012) $1699
3.1GHz Intel Core i7 Quad-Core
8GB of 1600Hz DDR3 RAM
--vs--
21.5" iMac (late 2012) $1699
2.9GHz Intel Core i5 Quad-Core
16GB of 1600Hz DDR3 RAM

A faster CPU gets the work done faster.
More RAM deals better with large chunks of work (= large files) and multitasking (more apps open simultaneously).
Fusion Drive is a an acceptable compromise to get the speed of SSDs and the affordable space of HDDs for as long as SSDs in the total target size are so astronomically expensive.

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    Message Edited by Support on 02-17-2009 09:30 AM

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