Is this budget gaming PC build compatible and fine?

[jaronimo]

Will these components be compatible? Any feedback for someone wished to get into PC gaming on a budget? Can I get better parts for cheaper? Thanks, Jaron.
http://pcpartpicker.com/p/1XShz

 

[ganon11000]

all would work but change your PSU to an XFX PRO550W Core Edition as it will last longer and should there be a surge or short it will cut rather than kill your parts.

http://www.newegg.com/Product/Product.aspx?Item=N82E16817207013