Budget HTPC Build - Please Advise

I am a first timer constructing an HTPC. I have researched the forums tirelessly and finally come to somewhat of a conclusion (unless recommendations blow my build out of the water). Please read and critique. Is this a good build? Are the PSU's big enough for my build and which is better? Am I going to need additional cooling?
Thanks in advance.

APPROXIMATE PURCHASE DATE: 1-2 Days

BUDGET RANGE: $300-400

SYSTEM USAGE FROM MOST TO LEAST IMPORTANT: Watching TV via tuner card/internet, Recording TV, 1080p playback, Netflix, Magic Jack

PARTS NOT REQUIRED: Keyboard, mouse, monitor, speakers, OS, Case(have d-vine mce303 http://www.dvinehtpc.com/mce303.html) Tv tuner card, wifi (add later)

PREFERRED WEBSITE(S) FOR PARTS: Newegg

COUNTRY OF ORIGIN: USA

PARTS PREFERENCES: none

OVERCLOCKING: Maybe

SLI OR CROSSFIRE: No

MONITOR RESOLUTION: 1920x1080 (Toshiba 46" TV)

ADDITIONAL COMMENTS: Looking for 1080p playback with no chop, prefer audio through hdmi, As quiet and energy efficient as reasonably possible, Will run 24/7 with Magic Jack hooked up for phone, Must use mATX with case but Standard ATX PSU, Will upgrade to BluRay in future.

After all of my research via the forums here I have compiled the build below. Please share any comments/criticism/recommendations.

CPU/Mobo/HDD/RAM:
Phenom II x2/785G/2GB DDR2/800GB Upgrade Kit $221.99
http://www.newegg.com/Product/ComboBundleDetails.aspx?I...

Card Reader:
Silverstone FP35B USB 2.0 Card Reader with extra silver front panel - $28.01
http://www.newegg.com/Product/Product.aspx?Item=N82E168...

PSU/DVD-r:
OCZ 500w modular/Lite-On - $45.98 after rebates
http://www.newegg.com/Product/ComboDealDetails.aspx?Ite...
or
Corsair 400w/Samsung - $42.98 after rebates
http://www.newegg.com/Product/ComboDealDetails.aspx?Ite...

Thank you in advance for any input.