I am just a newbie; the big dogs are sure to help you here soon. For such a nice machine I would use a better CPU cooler and I would suggest using some sort of a mirror on the OS drive. That old Matrox sounds like it could be a headache. You have firewire on the Gigabyte GA-X58A-UD3R for DV capture if that works for you.
I hope you enjoy CS5 on I7 as much as I am! It is fast and stable for me.
CS5 Prod Prem
Win 7 Pro
ASUS P6X58D Premium -
(X2) Kinsingston Hyper KHX1600C9D3K3/6GX
Noctua NH-D14 - CPU cooler
COOLER MASTER Silent Pro RSA00-AMBAJ3-US 1000W
Some alternatives on an otherwise balanced and good looking system:
1. If you do not overclock, you may get by with the stock CPU cooler, otherwise consider a third party CPU cooler like Noctua, Prolimatech, and the like.
2. I realize this may bring you over budget, but consider the Areca ARC 1680 or 1880, because of the much faster IOP.
3. You can skip the Matrox card and use it for its designed purpose, as a doorstop.
4. Check the PSU using eXtreme Power Supply Calculator Pro v2.5 , get the Pro version, set CPU load to 100% and capacitor aging to 30% and add 10 - 15% to the calculated wattage for safety. Maybe you need to go higher than 850W, but I did not check it myself.
On your disk setup, 2 looks nice. If you need to drop one or two disks for budgetary reasons, you may consider 4 + 1 hot-spare for your raid3 if you can manage 5 disks, to give you some added safety.
You obviously did your homework. Well done!
You said that they are wanting to go HD but I see no Blu-ray burner.
You might want to get one instead of the DVD burner since a Blu-ray can do standard DVD also.