Should total around $550 for all that, and thats probably the best you can do for 550. There are a few things you could trim back on, but you'd be suffering alot in terms of quality or performance loss.
And I don't budget for keyboard or mouse since thats always down to user preference.
Also, you "could" do a i3 Intel build but you'd be stuck with a really budget one probably running a 4670 and a super-budget micro-ATX mobo. In the grand scheme of "bang-for-buck" frame-rates, the processor is nowhere near as important as the GPU.
Changed the HDD to a F3 spinpoint, since it is better.
And as for the power-supply: I've never had any problems with the Coolermaster brand ones.
If you want to get a better PSU such as the Corsair 400W then then you are certainly free to do so, I just tried to keep the overall cost down since he did say he had a budget of 550.
Also I wasn't taking into consideration re-bates into my budgeting since you receive those weeks after you've bought everything.
Ultimately it depends if its a hard-budget of 550 and we have to take into consideration keyboard and mouse + shipping for everything. In that case there would be a couple of other things we'd have to change as well...
Edit: Actually one thing that strikes me as odd is that I haven't seen any Vantec PSUs for sale at Newegg or Tigerdirect, yet they seem very popular over her in New Zealand and Australia for the budget minded.