Yeah change the power supply to a brand name, id recommend corsair :) 650 watt is perfectly fine for your build. Don't go for a 1000watt! That will be ridiculous.
Up the GPU as others have mentioned. The following GPU's are considerably better than the one you chose but not that much more expensive: HD7850, HD7870, GTX660, GTX 660ti, GTX 760
Everything else seems fine to me. If you decide to go with AMD then you need to repick your mobo obviously.
Personally id stick with the i5 its not overly expensive and it performs great. Worth the money imo.







