That deal is only really good if you want the Tribes Ascend Game Coupon. Out of the $99.97 "savings" it makes up $60 of it. If you really aren't interested in the game, you are really only saving $40. If you were going to buy the game regardless, then it is probably worth it and compromising on a few parts. The RAM choice is not the greatest as I would choose a better set of 8GB of RAM rather than 16GB for less. The 500W PSU that comes with the case is really not the greatest either.
As far as your other components, the HDD is fine, but I would not get a 480. They run hot, take alot of power to run and are 2 series old. Besides the fact that the 500W PSU with that case would really be pushing it. I'd go for a GTX 660. They are about $230 and require much less power and perform better.