Core 2 Duo to i5 Ivy Bridge Upgrade

I'm upgrading my desktop into an i5 3570K and i just want to ask what components should i choose to build with it. I'll be using it mostly with insane games and for graphic design. My max budget will be $700.
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    PCPartPicker part list / Price breakdown by merchant / Benchmarks

    CPU: Intel Core i5-3570K 3.4GHz Quad-Core Processor ($189.99 @ Microcenter)
    Motherboard: ASRock Z77 Extreme3 ATX LGA1155 Motherboard ($105.91 @ Newegg)
    Memory: Crucial Ballistix Sport 8GB (2 x 4GB) DDR3-1600 Memory ($62.13 @ TigerDirect)
    Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($59.98 @ Outlet PC)
    Video Card: Sapphire Radeon HD 7870 GHz Edition 2GB Video Card ($184.99 @ Amazon)
    Case: Corsair 200R ATX Mid Tower Case ($44.99 @ Microcenter)
    Power Supply: XFX 550W 80 PLUS Bronze Certified ATX12V / EPS12V Power Supply ($45.99 @ NCIX US)
    Optical Drive: LG GH24NS95 DVD/CD Writer ($14.94 @ Newegg)
    Total: $708.92
    (Prices include shipping, taxes, and discounts when available.)
    (Generated by PCPartPicker 2013-07-30 11:35 EDT-0400)
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