Now that Intel 6-series chipsets are available, I'd recommend something more like this:

• Intel Core i5-2500K ($220) - easily overclockable to 4.5GHz with almost no effort
• Cooler Master Hyper 212 Plus ($30) - good performance for the price
• ASUS P8P67 LE ($145) - excellent UEFI-based BIOS, very easy to use
• G.Skill Ripjaws X 2x4GB DDR3-1600 CAS 9 ($100) - 8GB with good speed
• EVGA SuperClocked GeForce 560 Ti ($260) - good balance of performance and price
• Corsair TX650 V2 ($100) - fairly efficient (80+ Bronze), good price for the quality
  If you want to step it up a bit:
  
  • Intel Core i7-2600K ($330) - adds hyperthreading for 8 virtual cores
  • ASUS P8P67 PRO ($?) - adds SLI support and uses Intel Gigabit LAN instead of Realtek
  • G.Skill Ripjaws X 2x4GB DDR3-1600 CAS 8 ($130) - a bit less latency for a bit more money
  • EVGA SuperClocked GeForce 570 ($350) - performance as good as or better than the 480
  • Corsair AX750 ($170) - high quality Seasonic-built PSU, very efficient (80+ Gold)(Aside from memory and heatsink, this is pretty much the system I built recently. I used 4x2GB CAS 7 but would use the 2x4GB CAS 8 if I were doing it over again. I also used a Noctua NH-U12P SE2, which was fairly expensive, very large, and doesn't support PWM fan control.)
    
    The only remaining components you'll need are the case, hard drive, and optical drive.
    
    I happen to like the Antec P183 V3 case though it's a bit spendy at $160 without a PSU and very heavy so the shipping is steep. If you aren't a stickler for low noise, it might not be worth it.
    
    The ASUS DRW-24B1ST is cheap ($20), quiet (surprisingly), and highly rated on Newegg. Blu-Ray readers and burners are a lot more expensive.
    
    I went with two 500GB Western Digital RE4 drives in a RAID-1 arrangement, but I store all my bulk files on a NAS so I don't need all that much space. You'd probably want something bigger than that. (I highly recommend RAID 1, though, since it's saved my bacon at least twice already.)
    
    TechReport has a good system builder guide, though it was geared for the lack of Intel 6-series chipsets at the time so it's a bit out of date now.

There wasn't anything wrong with your component choices, especially since the i7-960 and X58 have the big advantage of being readily available everywhere right now while P67 motherboards are harder to find at the moment. The main advantage the second-generation i7 provides is efficiency. It's slightly faster at stock speed and overclocks higher, but consumes much less power--especially at idle. My i7-2600K system idles around 60-65 watts, which is less than half what my 3.0 GHz Core 2 Duo system used. I thought my power readings were wrong at first...

The main reason I proposed the i5-2500K build first is that my i7-2600K build cost around $1800 total. A full computer needs several more components than the ones I listed, of course, and they add up fairly quickly; you'll need a decent case, at least one hard drive(s), one optical drive, and an operating system. Windows 7 Home Premium OEM is $100 by itself, for example. I might have been able to bring that figure down to around $1500 with some changes but it would be a stretch. $1600 would be easily doable, though. (My case, power supply, processor heatsink, two enterprise-grade drives, and OS all cost a bit more than average, so there's clearly room for savings.)

The integrated graphics are indeed a bit of a waste with the P67 chipset, though the upcoming Z68 chipset enables the integrated GPU so you can use QuickSync for fast video encoding. It doesn't take up all that much space on the die so it doesn't really hurt anything being on there. It also lets Intel serve two different markets with the same chip family so there's some economy of scale.

The GeForce 570 is neck-and-neck with the 480 in most benchmarks (some faster, some slower) as architectural improvements and increased clock speed compensate for the reduced shader count. It draws less power, produces less heat, and has a quieter cooler. On Newegg, at least, it's also significantly cheaper ($350 versus $400+) since the 480 is now end-of-life. I personally think the 580 doesn't provide enough benefit to justify the $150 higher cost, but it's always an option. You could also go with a second 560 or 570 in SLI if that's how you roll.

Memory above 1600MHz doesn't seem to provide much benefit beyond higher memory benchmark scores. Real-world benefits are fairly limited and not worth the price premium. You could go for 4x4GB if you needed more RAM, but I've found 8GB more than sufficient so far. (Windows 7 is more efficient with memory than Vista was.)

Raid HDD or two separate hard disk in separate sata channel is a big boost. As data always comes from hard disk. compiles game executables and what not all goes to be saved on hard disk, those obj files and stuff from visual studio. so hard disk matters more than any other.