At $700 budget (if that doesn't include the monitor) I'd be looking to have an intel based build.. or damn close to it
On what you've picked..
the video card is not worth it... 2 gb on a 560 is silly.. grab a 560ti for the same price
The carvair blue is also not worth it IMO.. look at a 1TB Seagate barracuda 7200.14.. Much faster and better value. (though a lil more expensive but not much)
There was a build from last week based on an i3 that would be better than this for gaming and I think it came in around the 700 mark... I'll see if I can find it for you.
/edit,
Found it:
Noob PC builder needs advice!
Now i would suggest a few changes to that (as seen below it) but you could build Intel for under $700 and leave yourself a drop in chip upgrade in a couple years to give a new lease of life to it... or to significantly up the resale value
(also still suggest the Seagate for speed and value)