While you have a good grasp on the faster cpu & best chipset/socket, you're buying a dinosaur in terms of next-gen storage. It won't load any faster than my $1000 rig cuz you don't have a SSD. Also, you can buy 2 HD 5970 in CF, but you WON'T ever use up its power cuz you're at 1050. That's retarded. The highest gpu I'd go with for that res is HD 5770/5850.
Look into a 30/60GB SSD like Vertex. Keep the TB as backup.
PSU: You don't need the modular version. Right now, there' a SeaSonic 850W for $110 that's higher quality and cheaper.
Cooling: Grab the Coolermaster Hyper 212 for $30. It's one of the best coolers as well as being one of the cheaper ones.
Fans: You really don't need more case fans.
With those savings, and what's left of the budget ($301), get a 1900x monitor to acutally use that GPU.
I'm not in agreement with p55ibexpeak on the SSD. They're very expensive right now, and they don't improve in game performance at all. All they will do is make the computer boot quickly and start the programs quickly. Not worth the good $200-300 in my opinion. In addition, they're new tech, so they aren't the most reliable. You can always add one later when the price is reasonable.
The only advantage of the i7-920 is that you can upgrade to an i9 later this year. The questions is, after buying a i7-920 for nearly $300, do you really want to upgrade to a estimated $600 chip within the year?
If not, both x58 and P55 will be outdated in a year when 22nm sockets come out.
I have an i7-920 system and an i5-750 system. The i7 was great when I built it a year ago. Currently, I see absolutely no reason to go with x58.
I agree with banthracis, with one minor exception: Eyefinity setups. That setup could potentially max out a 5970, but it still won't require dual 5970s, and actually going out and spending the $600+ on 3 monitors is not a good idea.
main reason im not going with the 5970 right now is its next to impossible to find for one. and for 1920x1080 there is no need for it yet and when the times comes for me to need more power i can just add another 5870 to the mix or a different video card altogether at that time.