First time, $1200 i7 build advice.

Delurking to post and solicit assistance. If I may?

APPROXIMATE PURCHASE DATE: Three weeks or so.
BUDGET RANGE: ~$1200, a little flexibility, not picky about rebates.

SYSTEM USAGE FROM MOST TO LEAST IMPORTANT: School work, abusive internet surfing, photo/video editing, movies, some gaming.

PARTS NOT REQUIRED: OS, keyboard, mouse, speakers

PREFERRED WEBSITE(S) FOR PARTS: Newegg
COUNTRY OF ORIGIN: U.S.

PARTS PREFERENCES: Intel

OVERCLOCKING: Yes SLI OR CROSSFIRE: Possibly eventually.

MONITOR RESOLUTION: 1920x1080

ADDITIONAL COMMENTS: I've just entered college as an electrical/computer engineering major, and I've never actually built my own machine. A little embarrassing. I'm going to be doing a lot of programming, some MATLAB and possibly using some CAD programs in the future. I'll be running Win7. Would like to have Blu-ray capabilities, but it could wait, are there any expectations for prices there to drop much?

CPU
Intel Core i7-920 Bloomfield 2.66GHz – $212
I'm pretty sure I'm going to be able to swing by a Microcenter. If not, Blu-ray is definitely going to have to wait.

MOBO
ASUS P6T LGA 1366 Intel X58 ATX Intel Motherboard – Retail - $240
Is this an appropriate mobo for my needs? I know less in this area than others. If you have a different suggestion or think that a lower priced one would suffice, please share.

RAM
G.SKILL 6GB (3 x 2GB) 240-Pin DDR3 SDRAM DDR3 1600 (PC3 12800) Triple Channel Kit Desktop Memory Model F3-12800CL9T-6GBNQ – Retail - $135

GFX
I do some gaming, but it isn't my biggest priority here- with that being said, which of these two cards is recommended (or neither)? I would like to be able to run most anything with somewhat lowered settings, and just add another card if it really becomes an issue.

Radeon 5770 or Radeon 4780 and why? I've heard arguments for both cards. - $160

HDD
Western Digital Caviar Black WD6401AALS 640GB 7200 RPM 32MB Cache SATA 3.0Gb/s 3.5" Internal Hard Drive -Bare Drive - $68
This has already been purchased.

PSU
CORSAIR CMPSU-750TX 750W ATX12V / EPS12V SLI Ready CrossFire Ready 80 PLUS Certified Active PFC Compatible with Core i7 Power Supply – Retail- $120
This is already purchased. More than I need now but I wanted the future flexibility.

HSF
XIGMATEK Intel Core i7 compatible Dark Knight-S1283V 120mm Long Life Bearing CPU Cooler – Retail - $45

CASE
LIAN LI PC-7F Black Aluminum ATX Mid Tower Computer Case – Retail- $120
I really, really like the looks of this case- will it be big enough for the aforementioned cooler, or should I find something else (preferably a different cooler?)?

DISC DRIVE
SAMSUNG Black 22X DVD+R 8X DVD+RW 16X DVD-ROM 48X CD-ROM 2MB Cache SATA DVD Burner – OEM- $31

BLU-RAY
LITE-ON Black 4X BD-ROM 8X DVD-ROM 32X CD-ROM SATA Internal 4X Blu-ray Reader Model iHOS104-06 – OEM - $60
Not sure about this.

PASTE
OCZ OCZTFRZTC Freeze Extreme Thermal Conductivity Compound – Retail - $6

Total with shipping: ~$1210

Are there any miscellaneous parts I'd need? All advice welcome, please, especially on mobo, video card and case/cooler. and Blu-ray. I can't entirely trust myself without any practical experience, please and thank you.

Thanks for the response!

So the 5770 will probably run future stuff better, but perhaps not past releases quite as well?