Gaming Pc for under $700?

i really want to buy a gaming pc because with the annoucement of the ps4, it sounds like its going to be INCREDIBLY overpriced. and I really want cheep games also, so gaming pc's sound great. But i have no idea where to start.. I would like one under $700.

http://pcpartpicker.com/p/IzR7

PSU is a little too low, slap a CX600 in, still within budget, other than that, nice build.

http://pcpartpicker.com/p/IAdx

I prefer this setup for a sub $700 build. Faster RAM, better motherboard, cheaper equivalent graphics card, strong enough power supply and a case with better cooling options.