Looks generally very good here
I'm also not convinced at the hard drive choice - yes it's fast, but I don't know quite how that converts to noticable differences.
I agree that more, cheap, ram is often better these days, but if you are going for above cheap ram, go for the twinXL rather than just the twinX. With the athalon the twinX only manage 2.5 cas timings as opposed to 2 for the XL.
I'd also go for a less powerful PSU personally.
So not sure how much you can save by getting changing the raptor for a 100gb or so SATA drive, but these would be my changes:
-change raptor to SATA drive
-spend saved money on upping the gfx card to 6800gt and
-either changing twinX to twinXL or
-go for 2mb of value RAM instead