This PSU was recommended to me as advise on a new build, but after reading some of the reviews on Newegg about some complaints of a bad burning smell, a short life, is there another PSU I should be looking at (I like modular) ? I should add I a novice builder and user and not planning on OC'ing. Here are the links to the PSU and the other components as planned so far if you see anything else here I should be concered please feel free to advise.
Yes go for it, I'd personally pick the 650W Corsair over the 550W if I had the money. With that, you are future proofing because you can later do multi gpu setup(without upgrading again your psu) with powerful cards provided your motherboard supports it.