Its been a while since I've built a new system. I was hoping some of you who have kept up on things better could comment on this build. Any tweaks I could make to improve the build without much extra cost would be appreciated. Also, any advice on what I would need to add to overclock successfully would be helpful. Thanks.
The i5 is supposed to be stupid easy to OC (read: 3.2GHz with no adjustment of Vcore with Turbo still enabled) so the 212 will definitely do its job. If you want do so some extreme OC, then you want to start thinking about water cooling options. Here is an article discussing OCing the i5 for best performance/efficiency.
Personally, I don't think it's worth it to bother with liquid cooling, given that a lot of air cooling can match (or beat) the performance of most consumer liquid cooling systems - and you don't run the risk of a leak and system death with your HSF. The Hyper 212+ is a great cooler, but if you're worried it isn't going to perform to your standards, the Prolimatech Megahalems Rev.B CPU Cooler is pretty much the king of air cooling right now, so long as your case and RAM will accomodate the monster.
Otherwise, that build is hot. Pretty much identical to mine (last parts arriving on monday, eee!), except I went with the HAF 922 case.