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
windows 7 OS

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

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

NZXT M59 +OCZSII 600 80+ combo $60

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

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

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

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