Thanks so much for the replies guys! And I'm sorry for not clarifying, I will be using Adobe Premiere CS5.5 or CS6
For Video editing, it's more important to focus on CPU and that's why you should step up to i7 3770k, for Video, it doesn't make a lot of difference on which GPU you go for and it will depend on the software you use.
Unfortunately I don't have it in my budget (MAX = $1150) at the moment.
If it supports CUDA, GTX670 is your best bet. If it doesn't, I think the 7970 has more raw compute performance (probably why some recommended it).
Yeah, I'm pretty sure Adobe Premiere supports CUDA, but it's difficult to find information if it does. And thank you! I think the GTX 670 will be the smartest option for my needs. But if anyone disagrees, I'm more than happy to listen! Thank you for the responses so far!