It should be able to max out most games and still have playable FPS. Although, 16GB of RAM seems like an overkill (4GB is more than enough), but it's fine as it is. I would have got an i5 2500K and spend the extra $ on a P67 mobo. You can OC it and get greater peformance. Your setup is still great.
Thanks for the reply. It is a pre-built desktop, so I didn't have the choice of choosing that mobo. Also the extra memory was on sale so I grabbed it, I guess I should have chosen better graphics cards? I'll keep an eye out on that P67, although my current mobo factory clocks at 3.9ghz, I think that's pretty fast for quad cores. Hopefully playable FPS means great performance and not just being able to run the game .