[mod]Moved to the Chat Box from the Soap Box. Added [Tech] prefix. Most computer build threads seem to end up in the Chat Box so figured it'd be best to keep 'em together. Strength in numbers or something like that.[/mod]
I decided against the i7 when I rebuilt my machine earlier this year on reasons of price. Instead I went for the 4 core i5 (Intel Core i5 750) that I'm finding to be excellent and probably more than I need. Laughs off everything I throw at it.
Also, I understand that many here like ATI cards but personally I won't buy another. nVidia all the way. Currently very happy with an XFX 260 GTX but we're a way past that now, I believe. Still, does a good job on everything I've thrown at it recently, though I admit that few are particularly intensive.
I'd say that 4GB of RAM and a 64bit operating system were pretty much a requirement (the latter to use all the former) and probably a SATA3 hard drive at that sort of budget.
Have a look at my profile. I had the case, PSU and heatsink before my rebuild but that's my system fairly up to date as of February this year, IIRC.