~$1300 before shipping, which should be an extra $50-70.
Being a first time builder, my main concern is that everything I've listed here his compatible with each other. The one part that I know the least about (from my generally limited pool of computer knowledge) is the PSU. From my understanding, this part has the potential to literally make or break a computer.
Any feedback and/or advice will be much appreciated.
I personally would also go i5 750 (or i5 760) instead of the i7 for gaming. But, if you are determined to stick with i7, that is a great build you have, I would probably change the HDD to the Samsung Spinpoint F3 though. Also, I would change the RAM for G Skill due to the lower latency: http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Regarding the GTX 470, it is more powerful than the GTX460 obviously, and while the GTX460 OCs very well to exceed it, the GTX 470 can also overclock to remain a more powerful card.
That being said, I have to admit I would probably be more inclined to go with the GTX460 due to it being a far better design, that and SLIing two of them is insanely good
I would lean toward agreeing with these guys that i5-760 and GTX 460 are good choices. One thing I do want to point out is that if you go with the 1156 platform, your PCIe bus is more limited if you want to go SLI you are limited to x8 x8 or whatever your MB has. The 1366 and 890FX (AMD) will allow you to use full x16 x16. You could just invest the savings into one higher end card. Also, don't forget to look for combo deals on Newegg. They can save you some cash. I spent around what your budget was, but went AMD. Here's what I bought:
AMD 1055t ~ ASUS M4A89TD PRO ~ ADATA 4x2gb DDR3 1600 ~ HIS 5870 ~ Antec TP 750w ~ WD caviar Black 750gb ~ Lancool PC-K62 ~ Zalman CNPS10X Performa ~ Win 7 64-bit