I agree with ST in that the PSU is not a high quality unit.
That being said, 700 watts is lots for that system.
Pulling power from my system: i7 930 @ 4.0 | 2x 5870 @ 1000 / 1350 | GTS 450 for physx | 2 HDDs, 2 SSDs, 2 water pumps, fans
According to my kill-a-watt, I am drawing 220w at idle and right around 600w with 100% CPU and GPU load. This is from the wall. Even if my PSU was at it's maximum efficiency of 86%, then my system is actually maxing out at 516w on the DC side.
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