New PC just for Adobe Premiere Pro

Question

Hello all, I've decided against the iMac for a PC. It will only be used for video editing and some school work, not gaming. I've never built a computer and have little knowledge so I would appreciate all the help I can get.
This is the computer that I've been suggested with a budget of $1200 (before tax) including a LCD.
CPU: Intel Core i7 2600 - $300
Mainboard: MSI P67A-GD65 - $170
RAM: 4G x 2 - $56
HD: 1 TB WD - $55
Case with 500W power supply
Thermaltake V9 BlaX Edition HDD Docking Stations, 600W power supply - $150
Video Card: EVGA Geforce GTX570 - $300
Total: $1031 + LG 24' LCD $170 = $1201
Does this computer bring out the best of Premiere Pro? (MPE, etc)
Am I missing anything else?
As I have little idea, I don't know whether the prices are correct.
How should I improve the build, whether it be because it's inferior or there are better prices. Is that a good case?
My budget is $1200 but I'm definitely willing to go over that if you guys have suggestions on what I should change or any advice, etc.

Answer 1

You MUST have more than one hard drive... TWO is the absolute minimum, Three is better 
My 3 hard drives are configured as... (WD = Western Digital)
1 - 320G WD Win7 64bit Pro and all program installs
2 - 320G WD Win7 swap file and video project files
3 - 1T WD all video files... input & output files
Search Microsoft to find out how to redirect your Windows swap file
http://search.microsoft.com/search.aspx?mkt=en-US&setlang=en-US
Trying to use only ONE Hard Drive for Video Editing
You are a music conductor, with a baton that you use to point to various parts of the orchestra... this is like Windows pointing to various parts of the hard drive to do Windows housekeeping or to load program segments for various functions
Now, at the same time and with the same hand... while still using the baton to conduct the orchestra... pick up a bow and play a fiddle... this would be doing something with your video file at the same time as all the other work
You as a person cannot do both at the same time with the same hand
A computer is a LITTLE better, in that it can switch from one kind of task to another very quickly... but not quickly enough for EASY video editing
You need AT LEAST two hard drives (separate drives, never a partition http://forums.adobe.com/thread/650708?tstart=0 for more) with Windows (or Mac OS) and software on your boot drive, and video files on a 2nd drive so the boot drive is not slowed down by trying to do everything
I find that the three drives I use work very well for me, for editing AVCHD video... some people use a 4th drive, so video INPUT files are on drive three and all OUTPUT files are on drive four... I only bought a mid-tower case instead of a full tower case (my bad... but had to fit in the space available on my office desk!) so I use the three drives that will fit
Depending on your exact hardware (motherboard brand & model AND USB2 enclosure brand & model AND external hard drive brand & model) AND the type of video file, you may... or may NOT... be able to use an external USB2 hard drive for SD (Standard Definition) video editing
Steve Grisetti in the Premiere Elements forum http://forums.adobe.com/thread/856208?tstart=0 and Jim Simon in the Premiere Pro forum http://forums.adobe.com/thread/856433?tstart=0 use USB externals for editing
A USB3 hard drive connected to a motherboard with USB3 is supposed to be fast enough for video editing (I don't have such, so don't know) but eSata DOES have a fast enough data transfer for video editing... I have not used this eSata Dock... for reference only, YMMV and all the usual disclaimers
http://www.amazon.com/Thermaltake-BlacX-eSATA-Docking-Station/dp/B001A4HAFS/ref=cm_cmu_pg_ t
I don't think a 500w power supply is large enough... read the other discussions over the past week-to-10-days for more ideas