The FX 580 is a waste of money. Get either the GTX 460 or 470.
Up the memory to at least 12 GB, either 6 x 2 or preferably 3 x 4 GB, so you have future room to grow.
The PSU is a bit small, 650 W is probably not enough. Look here eXtreme Power Supply Calculator Pro v2.5
and get the Pro version, set CPU load to 100% and capacitor aging to 30% and then add 10 - 15% for safety.
Get a big tower instead of a midi tower. Better cooling, more expansion room, easier installation and better cable management.
Get some more disks. Look here: Adobe Forums: Generic Guideline for Disk Setup
Use Win7 Pro.
Consider a BR/DVD burner.
Thank you for the help. I will look at changing the specs.
Do you have any preference for a monitor? I am currently using a ViewSonic with my laptop which has 1920 × 1080 resolution, will this be good enough. Also is there a section in the forum that discusses dual monitor use with CS5.
Personally I like the 23" Samsung SyncMaster F2380 http://www.samsung.com/sg/consumer/pc-peripherals-printer/monitor/lcd-monitor/LS23NVTABW/X S/index.idx?pagetype=prd_detail because of it's narrow bezel, making it ideal for dual monitor setups and add to that the cPVA display and the attractive pricing and you may be hard pressed to find an alternative in that price range.