Is Core i7 3770k with ati radeon 4300/4500 series good for gaming?

No. Radeon 4300 and 4500 are older and were low end even when new. They won't even play those new games at low resolution.

If you want to run serious games, I'd be looking at 7850 or GTX 650 Ti as a minimum and probably a step or two up if you can afford it.

Do you already have the i7, or is this something you are looking to buy?

Nothing wrong with th i7 at all, but if you want to use this for gaming you can better consider choosing for a ATI Radeon 6800/7800 series or nVidia GeForce GTX 660/660 Ti (660 Ti with no more than 1.5 GB of graphics memory due to cut memory ).

It's all up to you which brand you prefer as I don't want to start one of these 'nVidia vs AMD' fights, just watch some reviews and tests on those GPUs, they all have their strong and weak sides.

http://www.tomshardware.co.uk/gaming-graphics-card-revi... there we go. i'd be looking at things from the 6th tier upwards depending on what resolution & detail settings you wish to game at. the 7850 1gb & 7870 seem to be the price performance champions right now (as far as single screen gaming goes) but for resolutions beyond 1920x1080 i'd probably be eyeing up a gtx 670 or better, especially if i was using a trio of monitors.

The intel hd graphics on the cpu will more than likely outperform the graphics card.
If you own a prebuilt and are considering upgrading save get something a little more current. You will need a power supply as well.

Games do not use Hyper Threading so for a gaming rig there is no reason to buy an i7 over an i5 CPU. The money saved can go towards a graphics card.

The Intel HD 4000 has about 85% - 90% the performance of a Radeon HD 5570. That means the Intel HD 4000 can outperform a Radeon HD 45xx graphics card.

Crysis 3 seems to be the exception to that rule as it likes more cores. OP already has the i7, apparently. The most important thing here is what is the PSU in the system and how much can they spend.

did you really take that cpu for these cards!this cpu is very powerful so you may need to get at least an 7870 or best an 7950 or even better 7970!your system is very good but not with these cards!

A good card to buy for the $$$ right now is the Sapphire 7870XT. Tahiti based like the 7950 and nearly as fast.