Need advice on $500 to $700 build

I'm planning to build my first computer soon. I've done a lot of research and this is what I've come up with. I think I've come up with a good value build that has some good power, but I wanted to see what you guys think of it. Does this build seem balanced? Does anything stand out as not being a good fit? Any advice would be appreciated.

Just FYI, my objective has been to keep my build around $500 to $700, and to end up with a computer that has good upgrade potential and good all around ability to handle games and media.

So here's what I've come up with:

Case: Cooler Master RC-690
http://www.newegg.com/Product/Prod [...] Tpk=rc-690

Power Supply: Corsair 650tx
http://www.newegg.com/Product/Prod [...] &Tpk=650tx

Motherboard: Gigabyte GA-MA790X-UD4P
http://www.newegg.com/Product/Prod [...] 6813128387

CPU: Phenom II X3 710
http://www.newegg.com/Product/Prod [...] 20x3%20710

GPU: Sapphire 100259-1GL Radeon HD 4870 1GB
http://www.newegg.com/Product/Prod [...] 6814102801

RAM: OCZ Reaper HPC 4gb
http://www.newegg.com/Product/Prod [...] 6820227289

Hard Drive: Wester Digital Caviar Black 500gb
http://www.newegg.com/Product/Prod [...] 6822136320

Optical Drive: Samsung Black 22XSH-S223F
http://www.newegg.com/Product/Prod [...] ck%20s223f

Any thoughts? Are there any obvious incompatibilities that I'm missing here? Are there any bottlenecks that I should be aware of?

Thanks in advance.

$5 more can get you the 640GB caviar black.

What resolution are you playing at... if its on the lower side, you can get the 512MB 4870 instead, there is one going for as low as $125 on newegg.
http://www.newegg.com/Product/Prod [...] 6814131140
Don't know how long that deal is going to be available.

You can probably get a cheaper 4GB memory kit and spend the savings on the Phenom II X3 720BE instead... slightly higher clocks, and easier to overclock.

Otherwise, you're good to go.

Thanks a lot for the feedback. I really appreciate it. I'll definitely take these suggestions into consideration.