Will 500W be enough?

id rather get intel given it uses half the power of any fx chip at all times but if you are dead on amd id get this

http://pcpartpicker.com/p/x6x0

the 660 is cheaper than the 7870, therefore earning my recommendation

The 500 watt psu is enough even once you get the 7870

I would recommend a i5-3570k over the FX-8350, but it's your choice. And like TheBigTroll said, it consumes wayyy less power than virtually all of the AMD CPUs. That PSU should be enough, and it's a good choice because of Corsair's generally good quality products.

id never get a cx series psu. doesnt supply its full wattage from what i know and isnt a seasonic unit like a xfx

The difference in power consumption is just smoke blowing out of intels .......

It will cost about 1 cent per hour more to run the FX 8350 while gaming , answering an email or watching a movie it will be more like one cent per day

AMD's Trinity APUs, at general workloads, use less power than any comparable Intel CPUs despite a huge fabrication process disadvantage. The power consumption woes go both ways in different situations and besides, for FX, how you use the CPU can greatly affect power consumption. For example, reorienting it for gaming by disabling one core per module and overclocking makes it much more power efficient. Besides, the power consumption differences really aren't so huge even without reorienting the CPU as described above when you put things into perspective such as counting PSU efficiency, the consumption of the rest of the system (especially the graphics), and how when you look at the power consumption numbers instead of percentages of CPU power consumption, the differences simply aren't that huge.

Furthermore, I second avoiding the Corsair CX series. It is generally not high quality like the rest of Corsair's PSU series such as TX. It is able to deliver its full rated wattage, but barely and it has bad caps that hurt reliability.