Will this $700 PC run latest games?

[DugongClock]

Here's my build. I was hoping it could run the most demanding and latest games such as BF4, GTA V, and others like Metro Last Light at 60fps 1080p on ultra settings. And compared to a PS4 would it be more powerful or less?

CPU: Intel Core i5-4590 3.3GHz Quad-Core Processor ($159.99 @ Micro Center)
Motherboard: ASRock H97 Anniversary ATX LGA1150 Motherboard ($69.89 @ OutletPC)
Memory: G.Skill Sniper 8GB (2 x 4GB) DDR3-1600 Memory ($53.99 @ Newegg)
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive ($47.99 @ Best Buy)
Video Card: Sapphire Radeon R9 290 4GB Tri-X OC Video Card ($263.98 @ Newegg)
Case: NZXT S340 (Black) ATX Mid Tower Case ($62.99 @ SuperBiiz)
Power Supply: Rosewill Capstone 550W 80+ Gold Certified ATX Power Supply ($39.99 @ Newegg)
Total: $698.82

 

[CTurbo]

Yes that is an amazing build for $700. You can get an Asus 290x for $269 after rebate though.

That build is WAAAAAAAAAAAAAAAAAY more powerful than the PS4