If you want an honest answer, it's not a very good or safe build to be honest with you. That PSU is probably a hazard to your build. You've also chosen triple channel memory, which is optimal for Intel's X58 platform. Pretty pointless for the AMD AM3 platform. The case is also quite weak. If you can increase your budget to $550 then you'll build a safer and longer lasting PC, provided that all your parts are not DOA.
Yea I've heard they can wreck parts. I had this $25 PSU for about 8 months so far and it works good, but if I'm spending $500 on parts I might as well. Do you know if bad PSU's ACTUALLY can fry my parts?