I think this is the build I've decided to go with. Hopefully I'll be able to knock down the price by getting the OS for cheap. Thanks everyone for all your feedback! As you can see the majority of your suggestions are in this build.
TomsHardware all the way!!!
PCPartPicker part list:
http://pcpartpicker.com/p/Wx8H7P
Price breakdown by merchant: http://pcpartpicker.com/p/Wx8H7P/by_merchant/
CPU: Intel Core i3-4130 3.4GHz Dual-Core Processor ($119.97 @ OutletPC)
Motherboard: ASRock H81 Pro BTC ATX LGA1150 Motherboard ($59.99 @ Micro Center)
Memory: G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1600 Memory ($82.98 @ OutletPC)
Storage: PNY XLR8 120GB 2.5" Solid State Drive ($63.02 @ NCIX US)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($54.98 @ OutletPC)
Case: Corsair 200R ATX Mid Tower Case ($39.99 @ Newegg)
Power Supply: Corsair CX 430W 80+ Bronze Certified Semi-Modular ATX Power Supply ($39.99 @ Newegg)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($16.99 @ Newegg)
Operating System: Microsoft Windows 7 Home Premium SP1 (OEM) (64-bit) ($84.99 @ NCIX US)
Monitor: Asus VE228H 21.5" Monitor ($116.99 @ NCIX US)
Total: $679.89
Prices include shipping, taxes, and discounts when available