I just purchased that ASUS monitor, and it is beautiful. Cant speak for it's longevity because I've only owned it for a week, but no problems so far. I have not tried the HDMI. I thought moving from a 16:10 to a 16:9 ratio would seem weird but i adjusted quickly. HD movies look gorgeous. I recommend it.
The rest of the parts look solid. Only thing i noticed is that the RAM doesn't explicitly state it is supported on AMD platforms. A little digging and I read that some people have trouble getting it "up to speed". It is likely that when you first power on your system it will run at 800 MHz @ 1.8V and you will have to turn up the voltage/speed in the BIOS.
If you are looking to save a little money then get some DDR2 800 RAM and just overclock it. Most brands guarantee some amount of OCing, for example OCZ platinum series is guaranteed to run at 2.2V. But thats up to you.
One thing I recommend doing, especially if you plan on overclocking, is to get a good CPU cooler. My pick: the zalman 9700/9500
This one fits AMD and Intel processors and is generally accepted as one of the best CPU coolers in its class.
My last recommendation is to not skimp on a power supply. Spend >$100 at least and get a good brand. More than once I've seen one of my friends get the "value" brand PSU and have it fry their system 2 weeks later.
To answer your question "is this a good setup?", I would say definitely. Though I am not an AMD man myself, that processor has a great rep. Your graphics card should be able to handle just about anything, and with 1GB of ram you will really be able to crank up the AA.