Yes it will. I run crysis on medium on my system and cryostasis on low. Both stay over 30 fps. I have an older radeon 3870 (a bit better than the 4670 and probably a bit worse than the 5650 when it comes out). Oh, and I play at 1920*1080 on everything (including crysis) except cryostasis.
I would personally recommend changing the CPU to the Athlon IIx4. As more and more games take advantage of more cores, this will help more than the L3 cache and high clock speed. (It helped me a lot in dragon age. I get 30fps while my friend with an identical system but with a dual core has to turn down settings).
If you want to keep your L3 cache, you could go for a phenom II x3. All 3 CPUs are around the same price (Athlon II x4 620, Phenom IIx2 and Phenom II x3)
I would also recommend 4GB of ram. My system is just barely passing with modern games that need more ram (I only have 2GB). Better to get 4GB of slower ram than 2GB of high speed ram.
You're cutting it kind of close with the 400W corsair PSU. Get a 500W corsair.
Anyway those are my recommendations. Good luck.