A cheap and awesome upgrade for the CPU is the Xeon Westmere hexcores. You can get a 5650 or 5660 for around $60-80. This runs on the 32nm process so it'll overclock better than the i7 920 with less power and run cooler and you'll have the hexcore bonus with games that support it.
I totally forgot about that. Thanks for the reminder! If he can sell his i7 920 for $50, this could be an epic upgrade swap. Those 32nm 5650s overclock well beyond 4Ghz.
I dont disagree with you at all about your upgrade suggestions. again my main point here was that the first gen i7 cpus were not all that great like some people seem to think.
I am not sure what's up with those FC2 results from Bit-tech you posted but it's possible those are early reviews with less than mature X58 drivers / that specific Mobo bios. Looking at more recent benchmarks of FC2 and other games, i7 920 OC does very well against i7 3770K OC when comparing 680 max overclocked:
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Since we are even recommending R9 290 card, let's look at how i7 920 @ 4.2ghz + GTX690 compares against i7 3770K @ 4.8Ghz.
Source
Once again, 3770K @ 4.8Ghz is faster but I can't say it's earth shattering. I am seeing 10-15% tops.
There were a couple of reviews comparing i7 920 OC against Haswell but I can't seem to find it readily. If he can't reach an overclocked of 3.8Ghz or so, he can swap the CPU to one of those 6-core 32nm Xeons mentioned in the thread. Those babies hit 4.5Ghz on X58!