This is a very nice system for the money. It's unfortunate that the real performance beast within it isn't there without significant overclocking, voltage changes, and memory timing adjustments. Others who build a system using this same configuration may not get identical results, let alone similar ones. And still others would rather not fiddle with such things in fear of breaking something.
That said, I'm inclined to change a couple things...
First, the PSU. I'd prefer an Antec TP-550 or TP-650. Their semi-modular design, 80-Plus "Bronze" rating, and fully sleeved cables offer significant advantages over the EA-650 for only $5-$15 dollars additional cost. (The TP-550 is currently $89.99, but has a $20 rebate @ Newegg, making it cheaper than the EA-650, which is now $74.99.) There are models from other brands to consider which also offer the same benefits and fall within the EA-650's price range.
I also would have likely gone with a single HD5770 or HD5830 instead of two 4850's. I know they're less powerful than the duo-4850 setup, but they have features the 4800-series lacks that some users may want. The single-card setup could potentially be Crossfired later, bringing even more performance down the road, but this already Crossfired configuration has no such option. The ability to upgrade the video processing power later holds value to me, as I'm sure it does for others.
All-in-all, you built a helluva machine, and I certainly wouldn't throw it away.