Computer system alternatives -Premiere Pro CS4

I will be using Premiere Pro CS4 and Photoshop CS4 on this computer (will upgrade to CS5 when released if it is going to be a substantial upgrade like the CS4). My current computer upgrade is to make my life easy while working with Premier Pro. I marked the parts I chose with a (1) but am considering the second alternative (2)
I would like the system to be decently fast without me spending $400-$500 extra for a small increase in speed. .(At the same time, I do not want to save $400-500 and have frustration. Given this and the fact that while this is a serious hobby, I am not a Pro (I do not charge money for my work), can you please suggest if I can safely downgrade to the second alternative (or should upgrade - in case of the blu ray burner). Your knowledge help me immensely.

Thanks

Processor:

(1) Intel Core i7 QUAD CORE 920 2.66GHz 8MB 130W (Socket 1366 45nm)
versus
(2) Intel Core i7 QUAD CORE 860 (Lynnfield) 2.8GHz 8MB 95W (Socket 1156 45nm)


Memory:
(1)12 GB Ram
versus
(2) 8 GB RAM

DVD Burner:
(1)Pioneer 22X DVD-RW SATA (black)
versus
(2) Pioneer 12X Blu-ray Burner SATA (black)

What's your budget? For a non-professional system, you probably won't notice the difference between a $100 Athlon II X4, and a $300 i7. The amount of RAM will have a greater impact on system performance. How long to you plan to keep this PC before a full upgrade? Only if you plan on using this for 4+ yrs without upgrades would I suggest an i7 for your needs.

The 920 and the 860 are going to be very similar in your programs. However, the triple-channel RAM on the LGA 1366 system should give you adequate gains. Also, you will have the future option of 6 and 8 core CPUs.

8G of dual channel ram on a triple channel motherboard is stupid.

You need 3, 6, 12 ect..... for triple channel.