What should i upgrade?

Solution
The current setup could run high-ultra, this is another build just under 1500, offers greater performance in both the CPU and GPU.
PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4690K 3.5GHz Quad-Core Processor ($234.99 @ NCIX US)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($22.99 @ Micro Center)
Motherboard: Asus Z97-A ATX LGA1150 Motherboard ($139.99 @ Amazon)
Memory: G.Skill Ripjaws Series 8GB (2 x 4GB) DDR3-1600 Memory ($82.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($54.98 @ OutletPC)
Video Card: Sapphire Radeon R9 290X 4GB...
What is your budget?
You can really take two paths, nothing NEEDS to be upgraded, but there are two things that can be replaced.

You can A) upgrade the graphics card to something like the 290x or 780ti, or maxwell 8xx series.
Or
B) Upgrade processor to something like the 4690k and a Z97 board.
 
The current setup could run high-ultra, this is another build just under 1500, offers greater performance in both the CPU and GPU.
PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4690K 3.5GHz Quad-Core Processor ($234.99 @ NCIX US)
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler ($22.99 @ Micro Center)
Motherboard: Asus Z97-A ATX LGA1150 Motherboard ($139.99 @ Amazon)
Memory: G.Skill Ripjaws Series 8GB (2 x 4GB) DDR3-1600 Memory ($82.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($54.98 @ OutletPC)
Video Card: Sapphire Radeon R9 290X 4GB Tri-X Video Card ($538.99 @ SuperBiiz)
Case: NZXT Phantom 410 (Red) ATX Mid Tower Case ($84.99 @ Amazon)
Power Supply: XFX 550W 80+ Bronze Certified ATX Power Supply ($57.98 @ SuperBiiz)
Optical Drive: Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer ($16.98 @ OutletPC)
Optical Drive: LG GH24NSB0 DVD/CD Writer ($13.99 @ Newegg)
Operating System: Microsoft Windows 7 Home Premium SP1 (OEM) (64-bit) ($84.98 @ OutletPC)
Monitor: Asus VS238H-P 23.0" Monitor ($134.99 @ NCIX US)
Keyboard: Cooler Master CM Storm Devastator Gaming Bundle Wired Gaming Keyboard w/Optical Mouse ($29.99 @ Amazon)
Total: $1498.83
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2014-07-30 22:41 EDT-0400
 
Solution