$700 media rig

The stuff I'll be using the computer for is mostly some gaming (light to moderate), blu ray (hopefully), music, web design, etc.

I have: keyboard, mouse, 23.6" monitor, speakers. In other words, with the computer itself I'm starting from scratch.

I'm going to be saving money and buying the parts over the summer and possibly a bit past that, so I'm hoping I'll either get the components I'm looking at now cheaper or will snag higher level stuff for what I'm currently budgeting.

I've got a maximum of $700. I mean, 720 is no biggie, but I'm not going to shell out 750-800. I don't need a powerhouse computer, so getting one that suits my needs for 600 that doesn't max out my budget for a slight uptick in quality is fine.

I don't have any one favorite parts site, though newegg tends to have the cheapest (or be close), so I generally surf for stuff there and then check around to see if anyone has it cheaper. My only parts preferences are Intel over AMD for the CPU. Other than that I'm fairly novice and thus immune from severe bias.

Overclocking: Maybe
Monitor: I have a full 1080p monitor, so I want a computer that can really take advantage of that.

As I've said, I'm quite novice (I know software reasonably well, but hardware precious little). I've done some research and compiled a draft of components. Let me know what you think:

http://secure.newegg.com/WishList/ [...] er=8785594

Total price after mail in rebates is about 730. With deals and price drops I'm expecting it to be about 700 at most. Any help and suggestions you guys could offer would be greatly appreciated. Would this be a good build? Would I be better off just buying a PS3? That would save a few hundred bucks but cost me all the non-media functionality that a desktop gives.

The wishlist doesn't include mail in rebates. So it's actually like 730. If I snag a few deals I'm expecting it to be right about 700.