Don't have time to look in depth for you, but first thing I notice:
1. That PSU is really expensive. Unless you are planning to add another 4870x2 or water cool it is way overkill.
2. Take a look at more standard resolution monitors, as this is a gaming focused build rather than a HD movie watching machine. Look for a nice 24 inch with a resolution of 1920x1200 rather than the 1920x1080 which you have chosen.
3. Ditch Vista Ultimate and go with Home Premium. Unless you have a specific feature in mind that is only available in ultimate. That will save you 80 bucks.
Also, you said you were looking to go i7. You can make an i7 build for the same price that will perform as well or better, not sure where your extra grand was coming from.