I have both i5 and i7 X220s. The i7 has USB3 and 16GB of RAM, plus dual SSDs, and it remains 100% usable today. I just wish it had a slightly higher-res screen. I'm perfectly happy with the colours and the viewing angles, but it's a bit cramped, which is one reason I still use Unity.
I looked into it. I also looked at a keenly-priced X230 from a friend to do it to.
I decided, reluctantly, too much work and too difficult. I like my X220 as it is and I have a to-do list so big I will die before I make a dent in it. Life is too short for customising laptops.
One day I dropped it about a foot onto a carpet floor, and the metal chassis accordioned and bent in the corner. Was not impressed by that.
slightly different keyboard layouts also, wrt pgup pgdown