A suggestion - get a really good power supply (Brand and peak power on the 12V rails - e.g Antec, Topower) 600 Watts or more minimum and a top end motherboard (better quality capacitors). They're the core of your hardware platform - skimp there and you'll wish you didn't.
3D accelerators are so fast these days - ever since NVidia launched the 8800 GT they've got so powewrful its generally CPUs holding them back. $260 - $490 buys a hell of alot of bang for buck today. Sure you can go > $700 and or get two in SLI or Crossfire - but what resolution monitor are you driving that needs that? The technology of the mid range < $500 is still lead by ATI I believe (performance per $) but at the uber high end (too $$$) its NVidia.
You combination sounds reasonable indeed.
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