Graphic card: Here is the catch, I initially plan to get a new desktop sometime by the end of next year, but my faithful laptop has been acting up with failure to boot issues(solve by refit though). So I will have to speed this up a bit. So now although I'm getting this desktop I would like to hold on a little longer for newer gen graphic card to be released. So any suggestion of an in-place graphic? As I guess there is no onboard graphic for my board.
For CPU cooling a lot of people like HDT (Heatpipe direct touch) coolers. I personally have the Xigmatek Dark Knight and it works wonders and I believe it was around $50. A lot of people may tell you to go for the True Coolers which are a little more expensive and have more pipes.
That case does only have 2 80mm fans. With the heat produced by the i7 you may want a case with more airflow. I use the Antec 900 and love it. There is a 200mm fan on top to draw air directly from the CPU heatsink, however the case you picked may be enough.
Tough to go wrong with a Corsair PSU. A 750W or 850W would probably be good and relatively future-proof if you make sure it has all the connections you need for future GPUs. TX-850 is a good model.
If you need a GPU to get by for now, you can get a 9800GT to last for a while and use it as a Physx card when you get new GPUs. The GTX 260 216 has come down in price as well and has excellent price per performance.