System for $800

Hey guys, it has been about a year since I dropped my old system on the icy driveway, and I was looking to get a new one for myself for this holiday season. I have about $800 to spend, and wanted your advice on my current set up.

i5 750: http://www.newegg.com/Product/Product.aspx?Item=N82E16819115215&cm_re=i5-_-19-115-215-_-Product
P7P55D PRO: http://www.newegg.com/Product/Product.aspx?Item=N82E16813131405&cm_re=p7p55d_pro-_-13-131-405-_-Product
CORSAIR XMS3: http://www.newegg.com/Product/Product.aspx?Item=N82E16820145260&cm_re=Corsaid_XMS3-_-20-145-260-_-Product
RADEON HD 5850: http://www.newegg.com/Product/Product.aspx?Item=N82E16814103085&cm_re=5850-_-14-103-085-_-Product

I'm a bit worried that I'm investing too much into the GPU which will be limited by the i5. Is the processor good enough to not limit my performance, if not what is your recommendation? I simply don't have enough to upgrade to a 1356 socket processor, any advice is greatly appreciated.

Thanks,
Jain

EDIT: Would it be worth it to shell out for the i7 860: http://www.newegg.com/Product/Product.aspx?Item=N82E16819115214&cm_re=i7-_-19-115-214-_-Product