Combo Deal Worth It?

It's lacking a graphics card

Yeah, I realized that after going through all the parts. But I think it's still an okay deal that saves you $100 which can go towards a graphics card.

I can probably make a system similar for less

Can you make one for me? I only have around $500 right now, but I'm saving up towards $800-$1,000 before school starts again.

I'll give the specs in like 10 min

It needs to be used for gaming (FPS mostly, I don't mind extreme details, but I want a high frame rate)

This is VERY similar, only a few bucks cheaper, imo, you should get the combo instead of this:
CPU: Intel i7 2600k $315
MoBo: MSI P67A-G43 (B3) $115
PSU: Corsair Enthusiast Series TX750 X2 750W $110
CASE: NZXT Gamma GAMA-001BK $37
HDD: Western Digital Caviar Blue WD5000AAKS $44
RAM: G.Skill Ripjaws Series Model F3- 10666CL9D-8GBRL 8GB (2 x 4 GB) $70
Total: $691

This one is similar. The i5 2500k is about the same as the i7 2600k but without hyperthreading, which games don't use. The CPU is about $100 cheaper but with the same performance.
CPU: Intel Core i5 2500k $220
MoBo: MSI P67A-G43 (B3) $115
PSU: CORSAIR Enthusiast Series CMPSU-650TX $95
CASE: NZXT Gamma GAMA-001BK $37
HDD: Western Digital Caviar Blue WD5000AAKS $44
RAM: G.Skill Ripjaws Series Model F3- 10666CL9D-8GBRL 8GB (2 x 4 GB) $70
Total: $581

You forgot to include a video card. I'm thinking about going for a 6950 for about $270

yea, thats a good one. Infact, you can make the i7 rig cheaper again:
CPU: Intel i7 2600k $315
MoBo: BIOSTAR TZ68A+ $100
PSU: CORSAIR Enthusiast Series CMPSU-650TX $95
CASE: NZXT Gamma GAMA-001BK $37
HDD: Western Digital Caviar Blue WD5000AAKS $44
RAM: G.Skill Ripjaws Series Model F3-8500CL7D-8GBRL 8GB (2 x 4 GB) $65
Total: $656