That PSU isnt that bad, but I would still recommend going with one from OCZ or some of the others mentioned.
I would choose a different mobo. THe one you picked is pretty good, except the chipset fan is garbage and dies frequently.
Instead, I suggest this one:
Asus A8N SLI Premium
Which then can be paired up with:
AMD Athlon 64 X2 3800+ 2.0GHz
AMD Athlon 64 X2 4200+
Which would give you a package price of $532.98 or $715.97.
Another option is to get a 3rd party chipset fan for your mobo if and when it dies. The only problem with that is that it voids your warranty.
And, yes, the fan is covered under warranty, but its kinda annoying having to RMA a mobo, and not have a running system for any amount of time.