This looks like a decent system, but I would maybe get a better processor like the 6300 or higher. Otherwise the system is generally a decent bang for your buck system.
Everything looks pretty good, that is quite a large power supply for that system, you can shave off a few dollars by getting a 550 and still have room for OC. Have you looked at the GTX660 as a option? It delivers better fps in certain games and trades blows with the 7870 in others for a lower price tag, here is a bench of both: http://www.anandtech.com/bench/Product/548?vs=660
By getting a 660 and a smaller power supply you should save enough money to invest in a decent air cooler to allow you a nice OC. The 212 EVO is $25 on Newegg at the moment, it is a great deal!