I'm not and PC expert but I can make some recommendations:
First, which components your current PC has? If you have a 2nd or more Gen Intel i3 or i5 CPU you will only need a GPU+Power Supply(And a case with decent space) and you will be fine for the next 3-4 years
There's is a great deal on Newegg with the HD 7970(the fastest AMD single GPU and 4 free games) for 310$ right now: http://www.newegg.com/Product/Product.aspx?Item=N82E16814202008
Or you can put 40$ more and get the Vapor X Ghz Edition(But I think is not worth it unless you want the extra cooling)
You can also buy the HD 7950 or the new GTX 760 for 250ish, but again is not a smart buy it if you compare it to the 7970 deal. Anything less is not worth it if you consider the PS4 an option.
For PSU you can get: http://www.newegg.com/Product/Product.aspx?Item=N82E16817153167 or something with at least 600W to be safe but from a good brand or at least bronze certificated.
So in conclusion:
The set up you made is comparable with the PS360, better in some cases, worst in others. I think if you want an APU, you have to wait for the PS4 and XBone launch because AMD will be releasing theirs new APU(codename Kabini I think it is) with GCN graphics(HD 7xxx or HD8xxx series) hopefully with GPU comparable to the HD 7850(or better?). Or you can wait and see how the HD 8XXX series turn out(Q4 2013 according to rumors) and HD 7xxx series prices will go down in the next few months(they are almost 2 years old GPUs)
If your PC has and i3 or i5(2nd Gen or more) or AMD FX 6300 or 8320/50. You will need 360$ for a HD 7970+PSU and you will be fine for 3-5 years
Or wait for HD 8xxx series and AMD next APU.
Any other setup is not worth it. Unless you are willing to put down 300$ more to do a good CPU or GPU upgrade mid gen.
Sorry for bad english