Greetings man!
First of all it depends on what you expect from your PC, you didn't specify weather you want games or want to do rendering on it.
In case you want to do render work on it that i7 is a must but i would suggest some better ASUS board or MSI if you have access to those.
And in addition, as far as i admire the HAF X as an amazing case, its price in lebanon is way too much, so i would suggest getting anything else, if you are not in lebanon then HAF X is by all means your way to go.
If your system will be intended for gaming, ditch the i7, save that money ( 100$ approximately ) and get an i5, you won't see any performance difference ingame anyway. Use that money difference on a better graphics card.
Now, as far as that litepower goes, ditch it as well. I learned the hard way to stick to brands that are good, thermaltake isnt one of them ( don't care what people around here will think about this statement, that is just my opinion ) and if i may i would like to give you guys an idea on the importance of a good power supply :
http://www.youtube.com/watch?v=MCuKM6Ux4B4
Take a minute to watch this and you will understand why i tell you ditch the 700w litepower. Anyway if you have access to corsair or antec or enermax or seasonic get one of those, XFX are a good brand as well. And you dont even need 700W but stick to 700W as a bit of future proofing in case you desire to upgrade in the future.
summary :
- get i5 if you want to game
- stick to i7 if you want to do render work
- ditch the psu and get a better one
- get a better graphics card if you want to game
