Are these specs good for a budget gaming PC?

[Hoofyy]

I'm looking to spend around $500-600 for a gaming rig, basically that can run most games on High settings at 35-50fps, or medium settings at 60+ fps. After taking into account the advice from many different sources, this is what I came up with:

Spoiler

Intel Core i3-2120 Dual Core
http://www.newegg.com/Product/Product.aspx?Item=N82E16819115077
-OR-
Intel Core i5-2300 Sandy Bridge Quad-Core
http://www.newegg.com/Product/Product.aspx?Item=N82E16819115076

PowerColor AX6770 1GBD5-H Radeon HD 6770
http://www.newegg.com/Product/Product.aspx?Item=N82E16814131434

Seagate Barracuda 500 GB HDD
http://www.google.com/products/catalog?q=seagate+Barracuda+ST3500413AS&hl=en&prmd=imvns&bav=on.2,or.r_gc.r_pw.r_cp.r_qf.,cf.osb&ion=1&biw=1303&bih=683&um=1&ie=UTF-8&tbm=shop&cid=5173906800032774851&sa=X&ei=ZEpkT9zLAZDrtgfc9oT-DQ&ved=0CGwQ8wIwAA#scoring=tp

Acer S200HLAbd Black 20" 5ms LED Backlight Widescreen LCD Monitor
http://www.newegg.com/Product/Product.aspx?Item=N82E16824009317

BIOSTAR H61MGC LGA 1155 Intel H61 Micro ATX Intel Motherboard
http://www.newegg.com/Product/Product.aspx?Item=N82E16813138332

G.SKILL NS 4GB (2 x 2GB) 240-Pin DDR3 RAM
http://www.newegg.com/Product/Product.aspx?Item=N82E16820231396

Thermaltake VL84301W2Z V3 Black Edition with 430W Power Supply ATX Mid Tower Computer Case
http://www.newegg.com/Product/Product.aspx?Item=N82E16811133185

ASUS 24X DVD Burner
http://www.newegg.com/Product/Product.aspx?Item=N82E16827135204

As you can see, I have 2 processors listed: one is dual core, and one is quad core. I understand that the quad core will run quicker and cooler, and be better for multiple processes at one time, but HOW much better is it for a budget gaming PC? Is the extra $50 really going to make that much of a difference? If it's not going to be mind-blowingly better, I'll just stick with the dual core.

Is this a good setup?
Do you have any suggestions/changes?
Is there anything major that I'm leaving out (besides operating system)?
Are all these parts COMPATIBLE? (kind of a big deal here )

 

[WR2]

Compatibility is perfect. Quality wise - the PSU (Thermaltake w/ 2x 80mm fans) doesn't match the quality of the other parts.

The dual vs quad question is 'game dependent'. Meaning a game like WoW or StarCraft 2 won't really benefit from having a quad core CPU vs a faster clocked dual core.

Missing: Keyboard/mouse & Operating System.

 

[WR2]

Here is a review of that Thermaltake TR2 W0070RUC 430W PSU

Another option:
CORSAIR Builder Series CX430 V2 430W PSU $35 a/r
COOLER MASTER Elite 430 $40 a/r

 

[mercer95]

go for the i5 you will get better performance and will be ready when all games a utilizing quad core's

 

[WR2]

I was thinking that if you had an extra $50 - GPU upgrade would be a good place to put it. HD 6850 maybe. Although the 6770 is a good match @ 1600x900 resolution.

 

[jemm]

I was thinking that if you had an extra $50 - GPU upgrade would be a good place to put it. HD 6850 maybe. Although the 6770 is a good match @ 1600x900 resolution.

For extra $80 you could get the suggested HD 6850, then playing your games at 1920 x 1080 resolution with a Hanns-G HL227DBB 21.5" LED monitor http://www.newegg.com/Product/Product.aspx?Item=N82E16824254058

 

[Hoofyy]

Best answer selected by Hoofyy.

 

[Uther39]

If you added an extra $3000000 to your budget you could buy an IBM super computer!

Sarcasm people.

But honestly folks, people have a budget for a reason.