You're right about the 775's. I put together a build wishlist with an E7200, P43 mobo, 9600GSO, 2gig of DDR2 800, a 250MB 'Cuda HDD, case (2x12cm fans), and a 600W OCZ PSU for $600. Unfortunately, that was right at my budget and I realized that I probably can't reuse my WinXP that came with my Presario. So that would mean that I'd have to scale back to a E2180 and a 500W Antec Basiq PSU in order to fit Vista x64 and another 2gig of DDR2 800.
Right now, my old rig is handling TF2 better than I probably could have hoped (and that's before I put in the x1550). So I'm going to cross my fingers and hope that by the time D3 comes out the E7200 build will be down in the range of my meager budget. And that'll still leave me a nice upgrade path to a quadcore in a couple years.
As you can probably tell, being on the bleeding edge of technology isn't really a concern of mine. lol