Logan's Sept. 27 "Under $700 Build": Still good as a $500 budget build?

Here's the video: https://www.youtube.com/watch?feature=player_embedded&v=uyNtNDbNywk

So I took the build he presented, modified it a bit, and found it for ~$500. Here are the details:

CPU: AMD Phenom II X4 965 Black 3.4GHz Quad-Core Processor  ($89.99 @ NCIX US)

Motherboard: MSI 760GM-P21 (FX) Micro ATX  AM3+ Motherboard  ($49.99 @ Mwave)

Memory: G.Skill Ripjaws Series 8GB (2 x 4GB) DDR3-1600 Memory  ($24.99 @ Newegg)

Storage: Western Digital Caviar Blue 500GB 3.5" 7200RPM Internal Hard Drive  ($58.99 @ SuperBiiz)

Video Card: PowerColor Radeon HD 7870 2GB Video Card  ($209.99 @ Newegg)

Case: Cooler Master Elite 431 Plus (Black) ATX Mid Tower Case  ($29.99 @ Newegg)

Power Supply: PC Power & Cooling Silencer MK III 500W 80 PLUS Bronze Certified ATX12V Power Supply  ($49.99 @ Newegg)

Optical Drive: Lite-On iHAS124-04 DVD/CD Writer  ($15.98 @ Outlet PC)

Total: $529.91

I'm trying to put together a budget rig for Christmas ($500 goal), and I was curious if that build is still good value for my money.

This is my first build and I am totally clueless. I've been doing lots of research, but I'm a novice so I am extremely uncertain if I'm on a good course here.

Any feedback is greatly appreciated!

For $500 looks really good but I would recomend because you are getting a blavk edition processor to get a aftermarket heatsync because you can overclock your phenom II like crazy

Power Supply: PC Power & Cooling Silencer MK III 500W 80 PLUS Bronze Certified ATX12V Power Supply  ($49.99 @ Newegg)

get seasonic, xfx, corsair, or coolermaster. a bad/offbrand psu will fry your system