Thank you for all the immediate replies.
Unfortunately I'm going to have to postpone this purchase for atleast a month
With the ivy bridge processors coming in, I hope the i5 price will go down a bit by then.
I'm planning to get the P8Z77-V PRO motherboard when I do buy (a bit of future proofing, and it only costs a bit more than the P8Z68-V PRO), also have decided to buy the Noctua NH-D14 as BigMack70 suggested, with a Cooler Master HAF912 Advanced cabinet.
Hopefully I won't be tempted to go for a costlier config again