ronintexas :
His computer will more than likely under normal load conditions run between 350-450W. You can really get almost anything you want to power the unit, as long as it would be above the minimum requirements. Running power supplies at close to max capacity (i.e. demand is 400W, and you have a 400-450W power supply) will lead to a shorter life....not to mention if you plug in an external hard drive for backup, you can overload the PSU...so it is always better to go higher by 25% or more, just to be safe.
BTW - I love the looks of a Ferrari, but the speed limit here in Texas doesn't allow anyone to go near the maximum speed of the car...that doesn't mean one shouldn't have one
Buying a "Smart Car" that can't keep up with traffic unless you are going downhill, with a stiff wind, and you are "drafting" the car in front of you doesn't make sense either...
Check this :
http://tpucdn.com/reviews/Sapphire/HD_7950_Vapor-X/images/power_peak.gif
http://tpucdn.com/reviews/Sapphire/HD_7950_Vapor-X/images/power_idle.gif
Even with the cpu and a couple of hdds, a quality one will do just fine, like i said more important than the wattage is the amperage on the + 12v rail and the quality of the psu, the xfx 550 core edition, is more than sufficient(single card) with 44A on the +12v rail, and even with the rest of the system with more hdds, it will not be more than ~80% of the load of it, that's at
full load, a quality psu with Japanese capacitors will hold really well under those, there's no shorting the lifespan.
When it's recommended a 500W psu, it's with the whole system in mind for it, not just the card, a quality one is suffice, unless some crazy overclocking on the cpu is added, but the xfx 550 core edition will do, but like i said the other psus(650,750,850,1000,1200,etc) are also valid, it's up to the op, but i'm just saying that a quality psu like the xfx 550 core edition will also do, and it will not affect the performance, or durability of it.
Now if the OP wants to crossfire later on, then, a 750W psu is recommended(it could be more, but a 750 wil do fine).