For any single GPU a high quality 550/600W is more then enough. You only need 650+ for Dual/tri/quad GPU's.
At that res the 5770 will do fairly well and be able to play most games though maybe not all on max settings.
If you really want to play the newer games ( more games will be coming out with DX11 too, like AvP at highest settings ) you would have to push for a 5850 and a new PSU, and probably spend 400ish give or take 50 either way to make that happen.