It's great, but there are a few things you can do to get more performance for your money.
PCPartPicker part list:
http://pcpartpicker.com/p/3Byd6
Price breakdown by merchant: http://pcpartpicker.com/p/3Byd6/by_merchant/
Benchmarks: http://pcpartpicker.com/p/3Byd6/benchmarks/
CPU: Intel Core i5-4670K 3.4GHz Quad-Core Processor ($234.99 @ Amazon)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($29.98 @ OutletPC)
Thermal Compound: Arctic Silver 5 High-Density Polysynthetic Silver 3.5g Thermal Paste ($7.99 @ Amazon)
Motherboard: ASRock Z87 Extreme3 ATX LGA1150 Motherboard ($109.99 @ Micro Center)
Memory: Kingston HyperX Blu 8GB (2 x 4GB) DDR3-1333 Memory ($65.11 @ Amazon)
Storage: Samsung 840 EVO 120GB 2.5" Solid State Disk ($80.99 @ Amazon)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($59.99 @ Amazon)
Video Card: MSI GeForce GTX 780 3GB TWIN FROZR Video Card ($499.99 @ NCIX US)
Case: Cooler Master HAF 922 (Black) ATX Mid Tower Case ($79.99 @ Newegg)
Power Supply: Corsair 760W 80+ Platinum Certified Fully-Modular ATX Power Supply ($169.99 @ Newegg)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($19.99 @ Micro Center)
Monitor: Asus VH238H 23.0" Monitor ($146.58 @ Newegg)
Keyboard: Razer BlackWidow Ultimate Wired Gaming Keyboard ($119.00 @ Mechanical Keyboards)
Other: HDMI ($9.99)
Total: $1634.57
(Prices include shipping, taxes, and discounts when available.)
(Generated by PCPartPicker 2014-04-30 18:18 EDT-0400)
This downsizes the RAM (16gb is not needed for gaming, if you need more in the future you can still buy another 8gb), and uses a cheaper motherboard. But you get a 780 instead of a 770 which should tremendously increase performance.