No, not really. It's too old to be worthwhile.
Huh? For $200 an i7 920 system is a steal. It performs very well by modern standards and has the advantage of being one of the most overclockable chips in history. The i3 2120 is only dual core and granted, while it might perform as well in most games, it will undoubtedly start to suffer if there are any background tasks. Also, for most games there are very few GPU set ups that ask more than the i7 920 can deliver.
I'm an inveterate tinkerer as well as a demanding PC user and will upgrade my system as soon as there's a good enough excuse to do so. Yet I've not seen any reason to upgrade my i7 920, which has purred along merrily at 4GHz since the day I bought it in 2009. I'm longing for the day when a new CPU/mobo combination will produce a really big performance upgrade, but that day has yet to arrive. Ivy maybe -we'll see.
But in answer to your question and i7 920/x58 combo for $200 is a great deal. My only other piece of advice is that a 4870 x2 is looking a little weak these days. You can probably find a pair of GTX 460 SLIs quite cheaply these days and will give you substantially better performance.