Can Anyone Give Feedback for My Budget Gaming Desktop Build?

[DoodleMoose]

This is my first foray into building a gaming desktop. I'm looking at a budget of about $700 excluding OS and computer monitor/peripherals costs. I am open to either AMD or Intel CPUs (I haven't been following up to date with the new models and so I'm unsure of how they compare to each other). I'm hoping to run next gen games around high settings with room to upgrade down the road once I have more money saved up. Thanks!

This is the build that I'm considering: http://pcpartpicker.com/p/26oyp
is it optimal?

Edit: I may be willing to stretch the budget up to $800 tops but I'd prefer capping it at $700. Also, how would it compare to this premade build? http://www.newegg.com/Product/Product.aspx?Item=N82E16883229495

 

[DoodleMoose]

It's essentially a slightly altered build that I found elsewhere on this thread: http://pcpartpicker.com/p/266n7

I figured I could try beefing up the processor for potential future upgrades. Would this be efficient or would the i5 be more than enough? I'm using this primarily for gaming and computing software such as Matlab so would hyperthreading be necessary? Otherwise perhaps the i5 3570k would be more than sufficient and shave off costs so I can invest in a better motherboard for future-proofing.