Is this a good build for $700?

This is actually my first build. I want to do some gaming how well will this hold up? I also don't know much about hard drives, do they really affect gaming at all? In other worlds will the one I bought suffice?
I bought all these parts at the listed prices. This is after mail in rebates. Total= $710

(I also have a few things)
a wireless N card
dvd/cd drive
speakers
keyboard
mouse
windows 7 OS

Phenom II X4 Quad-Core Processor 965 Black Edition $150

http://www.newegg.com/Product/Product.aspx?Item=N82E16819103727&cm_re=965-_-19-103-727-_-Product

ASRock 870 EXTREME3 AM3 AMD 870 SATA 6Gb/s USB 3.0 ATX AMD Motherboard $65

http://www.newegg.com/Product/Product.aspx?Item=N82E16813157198&cm_re=asrock_870_extreme3-_-13-157-198-_-Product

NZXT M59 +OCZSII 600 80+ combo $60

http://www.newegg.com/Product/Product.aspx?Item=N82E16811146058&Tpk=nzxt%20m59

http://www.newegg.com/Product/Product.aspx?Item=N82E16817341039&cm_re=ocz_psu-_-17-341-039-_-Product

G.SKILL Ripjaws Series 8GB (2 x 4GB) 240-Pin DDR3 SDRAM DDR3 1600 (PC3 12800) Desktop Memory Model F3-12800CL9D-8GBRL $75

http://www.newegg.com/Product/Product.aspx?Item=N82E16820231314&cm_re=g_skill-_-20-231-314-_-Product

SAPPHIRE 100290SR Radeon HD 5870 (Cypress XT) 2GB 256-bit GDDR5 PCI Express 2.1 x16 HDCP Ready CrossFireX Support Eyefinity 6 Edition Video Card $180

http://www.newegg.com/Product/Product.aspx?Item=N82E16814102888&cm_re=5870-_-14-102-888-_-Product

Asus ML228H 21.5" 1920X1080 2ms Full HD LED BackLight LED Monitor Slim Design 250 cd/m2 10,000,000 :1 (ASCR) $130

http://www.buy.com/prod/asus-ml228h-21-5-ultra-slim-led-backlit-lcd-monitor-2ms-1920x1080-hdmi/q/loc/101/217148063.html

Hitachi Deskstar 3.5" 500GB 7200RPM SATA II 16MB Cache Internal Hard Drive 0S02859

http://www.amazon.com/Hitachi-Deskstar-7200RPM-Internal-0S02859/dp/B003SX0ORK/ref=sr_1_9?ie=UTF8&qid=1298582387&sr=8-9
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