So this is what I have so far figured out. I used a website called pcpartpicker to make it all into a nice format so its easy to see. I plan on trying to start picking stuff up off the list in the next few months but I was wondering if you guys would take a look and let me know if I missed anything. This will be my first computer that I'm building from ground up 100%.

PCPartPicker part list / Price breakdown by merchant / Benchmarks

CPU:  Intel Core i5-3570K 3.4GHz Quad-Core Processor  ($204.99 @ Newegg)
Motherboard:  ASRock Z77M Micro ATX  LGA1155 Motherboard  ($97.55 @ Newegg)
Memory:  G.Skill Ripjaws Series 8GB (2 x 4GB) DDR3-1600 Memory  ($44.99 @ Newegg)
Storage:  Seagate Barracuda 1TB 3.5" 7200RPM Internal Hard Drive  ($79.23 @ Amazon)
Video Card:  Gigabyte Radeon HD 7870 2GB Video Card  ($239.99 @ Amazon)
Case:  Rosewill CHALLENGER ATX Mid Tower Case  ($54.99 @ Amazon)
Power Supply:  Raidmax 530W ATX12V / EPS12V Power Supply  ($50.98 @ Newegg)
Optical Drive:  Sony AD-7280S-0B DVD/CD Writer  ($25.97 @ Newegg)
Total: $798.69
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2013-01-04 05:17 EST-0500)

A bigger/better PSU. I think 500w is the requirement for that GPU, but I'd get a 600w, at least. Though I've never heard of Raidmax. A high-quality PSU is essential. Silverstone, Corsair, Thermaltake, Enermax, Antec all make great PSUs. A cheap PSUs more likely to have unstable voltages, or even fry your system, taking many parts with it.

Those CPUs overclock VERY well, and very easily. I'd suggest an aftermarket cooler. even a cheaper one would suffice. Arctic Colling makes decent ones that can be found for under 30 bucks.

You have no desire for a Blu ray drive?

Seagate HDDs have historically been very good, but it seems they've been producing more duds in the past few years, like with Hitachi and Maxtor. Western Digital seems to have the best track record. In any case, makes sure it's a sata3.

Are you going for a mATX motherboard for any particular reason? It may not matter to you , but it has no SLI support, and only 2 DIMMs (RAM slots). It also has onboard video, which you won't really need. But it looks to a be nice mATX, though. The z77 chipset is a good one.

Personally I would not get ati graphics card I prefer nvidia. Also agree about mobo I prefer atx it allows for more ram and onboard graphics are unneeded. Psu now requirement may be different in USA to GB but I would get a 750w min. Preferably a 900w and ssd for os would improve load times etc

In November I just bought a Gateway Fx 6860 with Intel I7 3.4, 12 GB of Ram, Radeon 7770  2GB, 750 watt power supply, 2TB 7200rpm hard drive, DVD R & R player $750.00 on Amazon.com Regular price $1149.00

motherboard: http://www.newegg.com/Product/Product.aspx?Item=N82E16813157293
ram: http://www.newegg.com/Product/Product.aspx?Item=N82E16820231501
cpu cooler: http://www.newegg.com/Product/Product.aspx?Item=N82E16835181017
power supply: http://www.newegg.com/Product/Product.aspx?Item=N82E16817171049
case: http://www.newegg.com/Product/Product.aspx?Item=N82E16811119245
video card: http://www.amazon.com/gp/product/B0083Y6MV6/ref=oh_details_o01_s00_i00
 
I have the same CPU as you, plus these exact parts I have listed above.  My i5 is the coldest thing in my system with the Corsair H100 running on it.  The motherboard I listed makes it super easy to overclock the CPU, mine is currently running at 4.2 ghz.  Also that ram works well with that motherboard and the timings set perfectly with an XMP profile.  This was my second Cooler Master power supply, both have proven to be reliable.  I also used to buy nothing but ATI video cards but made the switch to Nvidia with my recent build.  You are better off doing the same.  ATI have known problems with latency spikes with all cards and drivers.  And as far as the case, that's up in the air.  I have two Cooler Master HAF 912's.  They are great cases, but only mid tower.  I listed for you the Cooler Master Storm Trooper.  This was my first full tower case.  I will never go back to anything smaller, plus the radiator for the Corsair H100 fits perfectly on the top of the case where the 200mm top fan was.

Thanks for all the replies! The reason that I was thinking about going with the mATX motherboard was that it has reviewed very well and it is one of the most reasonably priced Z77 boards. I don't have a whole lot of money to work with at the moment so I was trying to save where I could. Would it be better for me to get a normal ATX motherboard and just wait a bit longer?

As far as the ATI vs Nvidia goes, I've gone back and forth between this card and a GTX 660ti I just haven't gotten to get 100% of my research done on them yet.

I appreciate the reminder about the CPU cooler, I simply didn't think about it. I'll be adding that into my list of things that I need.

I'll also look at upgrading the PSU, I appreciate the feedback.

The only notes I would offer is to go with base bones set up if you can.  

Two reasons....

Cost could go down
They usually burn in the system for 24 hours.

The first one is so so, but the second one can save you a ton of time on your first computer build. The only consideration is part of the build would be done for you, but very minor.

The bare bones deals can be something simple like MOBO and RAM with case and PS or all the way.

I like New Egg, but if you go with another place on the Internet check them out at BBB.org first. I have been taken a couple of times when I did not check. If they are not listed at better business you may want to go somewhere else even though the price may be attractive.

Last bit of advise:

But the most you can to get the best back for your buck. If you splurge now it will save you down the road from the "18moth" upgrade cycle and push that to 2.5 or even three years.

Lefte

I just built me a new system, always ran Intel an Nvidia. But this time AMD all the way. Cost was a factor this build and had to see how it was different.
AMD Vishera FX 8350 Proc, Asus M5A99FX PRO Mainboard, 16GB DDR 3 1600, WD VRaptor WD2500HHTZ, 2 XFX 7770 Video Card.  You definetely need at least 700 watt power supply.

Older thread and all, but I am posting on it anyways. Lefte is right. Splurge now and you will have a computer that will last you a good while. Its all about splurging on the right componets. I would say mainly the CPU, MOBO and PSU..... RAM, Vid Card, HDs, DVD//B-Ray can all be upgraded a year or two (or more) out for sure if you go big on those components initially. I bought my current computer in 2008. I've upgraded the RAM, Vid card, HDs, OS since and did some general maintenance replacing some fans since then and I still think its faster than some of the pre-built computers that I see for sale in stores today.

AMD Athlon X2 6400 (Dual Core 3.2GHZ)
8GB DDR2 Kingston RAM
GeForce GTX 460 1GB DDR5 RAM
80 GB SSD (OS HD)
Duel 1TB Western Digital HDs in Raid
Antec 750 Watt PSU
Windows 7 home Premium.

I run games as late as Black Ops 2 at 1920x1200 res and pull a good 60-80 frames per second. By far not the best with the stuff thats out on the market today. However, it just proves my point on the splurging part and upgradability that you should think about when designing a machine of your own.

Dr. D.