Is this build worth the £1300

Hi well I was looking to build my first gaming pc and the grand total came to about £1250 ($1887) and was wondering if its too much too spend on a gaming pc. I mean I would like a pc that would be able to run all games including upcoming releases on very high or ultra but wondering if maybe I just switch to something cheaper like a gtx 770 and a mid tower case or something like that. What do you think ?

Motherboard: Asus P8Z77-V LX Motherboard (£84)
CPU: Intel 3rd Generation Core i5-3570K CPU (£172)
CPU Cooler: Cooler Master Hyper 212 Evo (£25)
GPU: Asus GeForce GTX 780 3GB GDDR5 (£560)
RAM: Crucial 8GB DDR3 1600Mhz Ballistix Sport Memory (£55)
HDD: Seagate 1TB Barracuda Internal Hard Drive (£50)
PSU: OCZ OCZ-ZS650W-UK ZS Series 650W '80 Plus Bronze' Power Supply (£55)
OS: Microsoft Windows 7 Home Premium (£40)
Monitor: BenQ GL2450HM 24 inch Widescreen LED Multimedia Monitor (£119)
Optical Drive: Liteon Ihas124 24x Dvd±rw (£13)
Case: NZXT Phantom Enthusiast White Full Tower Performance Gaming Case (£90)
Total: £1250-$1887
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    PCPartPicker part list / Price breakdown by merchant / Benchmarks

    CPU: Intel Core i5-4670K 3.4GHz Quad-Core Processor (£179.99 @ Aria PC)
    CPU Cooler: Corsair H100i 77.0 CFM Liquid CPU Cooler (£90.96 @ Dabs)
    Motherboard: ASRock Z87 Extreme4 ATX LGA1150 Motherboard (£146.08 @ Amazon UK)
    Memory: Patriot Intel Extreme Master, Limited Ed 8GB (2 x 4GB) DDR3-2133 Memory (£54.57 @ Amazon UK)
    Storage: Samsung 840 Pro Series 128GB 2.5" Solid State Disk (£105.74 @
    Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive (£50.87 @
    Video Card: MSI GeForce GTX 770 2GB Video Card (£310.79 @
    Case: Cooler Master HAF X ATX Full Tower Case (£128.45 @ CCL Computers)
    Power Supply: XFX ProSeries 750W 80 PLUS Gold Certified ATX12V / EPS12V Power Supply (£114.90 @
    Optical Drive: Lite-On iHAS124-04 DVD/CD Writer (£13.15 @ Amazon UK)
    Operating System: Microsoft Windows 7 Home Premium SP1 (OEM) (64-bit) (£68.35 @ CCL Computers)
    Total: £1263.85
    (Prices include shipping, taxes, and discounts when available.)
    (Generated by PCPartPicker 2013-07-14 23:28 BST+0100)
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