^ Spot on. IPS IS the way to go for photography & desktop publishing. The one you picked out is TN. No match for IPS in terms of color fidelity & contrast ratio. I'd dumb down the cpu to x2 or x3 AM3, the below mobo, HD 4670, and grab an IPS in a heart beat if I were in your situation. That's what I'd call a professional photography workstation. You don't need i5 or Phenom 2 for Photoshop.
For the i5:
ASUS P7P55D-E LGA 1156 Intel P55 SATA 6Gb/s USB 3.0 ATX Intel Motherboard - Retail
Thanks for the replies guys. I have narrowed it down to this setup based on your recommendations. Please look and tell me what you think. I am kind of iffy on going down to a AM3 cpu, but it seems to be the best bang for the buck. Or should I get the original I5 or 955 for future future proofing? I generally do not upgrade my computer for at least 3 years down the road. Also curious if that video card is hefty enough to play 1080P movies? This is just the main components, I will have to get the monitor and Hard drive at a later time as the HD is out of stock right now. Will have to look into a better monitor as well.
AM3 is the most future proof. I think it began life late last year. AMD doesn't change sockets too often. Intel, on the other hand, likes to change chipsets (965, P35, P45, P55, X38, X48, X58) to support new cpus. This results in forcing the consumer to upgrade the mobo & cpu.
If you mean Samsung F3, you don't have to have that. WD Black is another fast alternative.
Even IGP Ion can play 1080p. Any modern more expensive discrete GPU can do it better than IGP.