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They are both similar except the processors and ram.
The real question is what is better an i7 at 1.6 Ghz or an i5 with 2.66 Ghz?

I was thinking of going for the vaio but I want your advice.

EDIT: I'm mainly going to use this for gaming and some video editing.

The i7 is superior to the i5 at any clock speed.

soooooo ur saying I'd be better of with the HP? More in depth please.

Yes, you would be better off with the model w/ the i7 in it.

I'm just concerned how the i5 one has a higher Ghz than the i7.

Yes the i5 may have a higher clock speed but it is not as powerful.

Whats the difference between clock speed and power? and how does this affect gaming?

choose the HP

I've checked the two processors on intels website and the 560m came out q3 2010 and has more features.

HP hands down! i7 rapes even with small ghz