I'd save money and buy an "old fashioned" AGP/PCI mobo instead of the LGA 775. That much for a motherboard is insane. PCI-E isn't useful yet and LGA requires DDR2 memory on most boards.
The processor is fine, but I'd get a Socket 478 version and possibly the 3.4 GHz Northwood. That processor won't need upgrading for years.
What's the deal with the shitcan videocard!? If you're gonna get 1 GB of RAM and a super fast processor, the only obvious thing to do is to get a blazing fast videocard (unless you're not gonna play videogames at all). If you are gonna play games, I'll recommend some videocards later!
Everything else looks fine!
-Lasereth
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"A Darwinian attacks his theory, seeking to find flaws. An ID believer defends his theory, seeking to conceal flaws." -Roger Ebert
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