Purpose- Light video editing, rendering and photoshop. Gaming wise- will be playing completive COD4 and steam games (css, half life, tf2). Budget around- 500 USD
There's a few things you left out like OS, and hard drive[s].
If you're going with Vista... I would think harder on the video card choice. Like Nvidia 8800GT. Also you could spend another $50 for a Amd x2 5000+ Black Edition and oc it a little and get better performance for the rendering / light video editing.
All in all though this could bump your budget over $700 easily so you may have to sacrifice a little somewhere to meet your budget.
Additionally, a few rumors of the Amd790 peg that around mid Nov. Might be as soon as Nov10 as what I've heard. This would give your Mobo more life as it will be an AM2+ board, which will last you a bit longer and give you some better options for upgrading when phenom prices start trickling downward.
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