Building video editing rig & debating Nvidia/ATi

I'm fresh out of college and I'm building a rig for video editing. I'll mostly be using CS5 software (Premiere, After Effects, PS, along with 3Ds max and I might get AVID if I can free up some cash). I also should mention that in my spare time, I will play the occasional video game (Left 4 Dead, TF2, etc), but this will mostly be for editing. I'll be buying my parts next month (5/10), but still am at a loss for a video card. Ideally, my price range is about $400-$500. I'd be willing to go slightly higher if the performance/cost is legitimate.

Adobe seems to be plugging NVIDIA's GPU acceleration, but I've never bought NVIDIA before. The upper end of the Quadro seem way out of my price range. I really have no preference for ATi/NVIDIA. I'm mainly looking for something that can help heavy rendering as well as some casual gaming for the years to come. I'll be running at a very high resolution on a dual monitor set up.

I guess my biggest question is, is all this Mercury Playback Engine stuff worth it? Will there be noticeable difference between the ATi Cards and NVIDIA? I haven't found evidence that the GTX480 will have the MPE supported, or should I go with a 5870 instead? Or is there a card I'm just missing?

Here is my current parts list so far. Any opinion on a video card would be helpful or if you have any critiques on my current set up.

Motherboard: ASUS P6X58D-E LGA ATX Intel Motherboard

Processor: Intel i7-930 2.80GHz 8 MB LGA1366

RAM: CORSAIR DOMINATOR 12GB (6 x 2GB) 240-Pin DDR3 SDRAM DDR3 1600 (PC3 12800)

HDD: 2 x Western Digital Caviar Black WD1002FAEX 1TB 7200 RPM 64MB Cache SATA 6.0Gb/s

PSU: CORSAIR CMPSU-650HX 650W ATX12V v2.2 / EPS12V 2.91 SLI Ready 80 PLUS BRONZE

Blu-Ray Burners/CD/DVD: Pioneer Black 12X BD-R 2X BD-RE 16X DVD+R 5X DVD-RAM 8X BD-ROM 4MB Cache SATA Internal Blu-ray Burner
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