FX 8350 can be compared to i5 3570K or i5 4670K (4670K performs slightly better in almost everything).
FX 8350 is an octa core CPU therefore it has its own uses in which it would outperform every CPU in the market.
On the other hand 3770K is quad core CPU with higher per core performance therefore it is better for gaming and rendering.
You can OC 3770K to 4.8 GHz certainly. That would stay stable with liquid cooling.
Well it is better for future games and ports from Xbox One and PlayStation 4.
Both consoles have 8 cored CPUs and therefore all ported games would also make full use of FX 8350's 8 cores.
At the moment no game uses more than 4 cores therefore almost half of the power of 8350 is not utilized.
Still it is an able performer for now and is only improving. It matches i5 3570K and is slightly behind i5 4670K. Both of them are best gaming CPUs in the market.
Considering the cost of 8350, I would recommend it over 3770K if your motives are only gaming.
You might also want to consider 4670K since its an all rounder and $20 more expensive than AMD.
While you're here, another qiuck question if you don't mind. Would a OC'ed fx 8350 with a gtx 780 or titan (You can use Nvidia and AMD can't you?) be able to run crysis 3 on fairly high graphics with good FPS?
Yeps .. There is full probability that it would perform much better when native 8 core supporting games would be released.
It goes like this -
Current - Good
Future - Excellent
Current - Very Good
Future - Very Good
So you can see, FX 8350 is worse than i5 for now but would be better later on.
i5 would be great all the time.
fx8350 current games poor gets beaten by an i3 3220 in most games
fx8350 future ok even when oc'd, high power consumption more chance to fail as its basically in limits of how much transistors can use electricity wise.
i5 4670k current games excellent
i5 4670k future excellent possibility to overclock greater and intels performance once overclocked improves more greatly then piledriver fx8350 does.
http://www.anandtech.com/bench/product/837?vs=697 i5 4670k wins most tests vs fx8350 but its close. The i5 4670k has higher potential gain from overclocking to. Unless all 8 cores of the fx8350 is used over 90% then the 4670k will win every time in games.