Well, yes, except that just about everyone would agree that if you have that budget, you should add at least a small SSD or you're warping your system back to 2009, when everyone had to sit around to watch their applications switch on their overclocked i7-920 GTX285 SLI rigs.
I'd knock the system down to an i5-3470 ($150) if you have a Microcenter nearby, drop the motherboard to a B75 (~$70), and drop the hard drive down to 500GB ($50). Then you have room in the budget for a 120GB Samsung 840 SSD. It will be like a completely different computer. Unless you overclock or have a huge amount of media files, you won't even notice the difference between this system and the one you picked out. It will work EXACTLY the same in games, except feel 100x faster in everything else.