I was gonna use an i5-760 in my system, mainly for gaming, budget around 800$. But a friend of mine is gonna sell me an i7 860 for almost same price and I can't resist the offer. Here is my old build with new CPU:
I'd say the CPU is overkill for the GPU, but you say you're going to upgrade in the future so thats ok.
I'd maybe change the PSU to a brand that's more reputable like Corsair, Antec or Silverstone. I tend to get finicky about PSU brands as the ones you don't hear of too much are like that for a reason...
Well the Kingston Value RAM isn't really meant for gaming, i would go for their mid range stuff that can take a bit more punishment for gaming. But so long as you stick within its boundaries for voltage and speed then you're good. The motherboard looks fine, MSI do good motherboards.