Thanks guys for the input. I am going to be sticking with the i7 as I do sometimes use heavy resource applications and might increasingly do so in the near future.
@Tooken - Damn, I guess you are right when it comes to the bit thing. Both the GTX570 and GTX580 have higher bit rates compared to AMD. The thing is that the GTX580 is a bit out of my price range. Do you have any idea on the performance of the GTX570? I am assuming that it must be similar to the GTX580?
Also, has that Huntkey X7 PSU exploded yet?

Had any issues with it so far?
@Cobalt - Good point, I can see how easily people could fall into that trap. The 2GB of memory is rather enticing. But not all that useful if it bottlenecks at 256bits I guess.