Solid. You could save a few dollars with another ASRock z68 mobo that comes in at $85. The Hdd is the lower end of the WD series (the Black being the top end but more expensive and more dependable). CD/DVD RW? As for the gpu look at the Toms February review and note the AMD options.
If you really want a modular PSU then I think I would take this before the BP550:
Rosewill Hive 550W 80Plus Bronze Modular $70 http://www.newegg.com/Product/Product.aspx?Item=N82E168...
Uses the same internal design as the OCZ ZS Series 550W, which has been positively reviewed (as have the other members of that series).