SERIOUSLY builds a PC

[SERIOUSLY THOUGH*]

Hello all ! The time has come for me to take the plunge and build my very own PC.
The thing is, I'm not very well versed in the world of technology and don't know what's best for me.

I've made a build that seems to fit the bill for my gaming and video processing needs, but I'd love the input of you folk who are much better at this than I am.

Here's the build. My budget is around $1,100 - $1,200 (not counting Windows or any screen/keyboard/etc.).
The formatting went crazy for this one, so bear with me.

Spoiler

CPU 
Intel Core i5-3570K 3.4GHz Quad-Core Processor[1] $261.98 @ Amazon Canada


CPU Cooler 
Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler[2] $32.21 @ DirectCanada

Motherboard
ASRock Z77 Extreme4 ATX LGA1155 Motherboard[3] $144.50 @ Vuugo

Memory
G.Skill Ripjaws X Series 8GB (2 x 4GB) DDR3-1866 Memory[4] $83.02 @ DirectCanada

Storage
Crucial MX100 256GB 2.5" Solid State Drive[5] $115.98 @ DirectCanada

Storage
Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive[6] $54.98 @ DirectCanada

Video Card
MSI GeForce GTX 770 2GB TWIN FROZR Video Card[7] $249.99 @ NCIX

Case
Enermax ECA3290A-G ATX Mid Tower Case[8] $39.99 @ NCIX

Power Supply 
SeaSonic 660W 80+ Platinum Certified Fully-Modular ATX Power Supply[9] $149.99 @ NCIX

Optical Drive
Asus DRW-24B1ST/BLK/B/AS DVD/CD Writer[10] $19.95 @ Vuugo


Total
Prices include shipping, taxes, and discounts when available
$1152.59
Generated by PCPartPicker 2014-11-22 13:52 EST-0500

Someone suggested this to me for around the same price

Spoiler

PCPartPicker part list / Price breakdown by merchant

CPU: Intel Core i5-4690K 3.5GHz Quad-Core Processor  ($239.89 @ DirectCanada) 
CPU Cooler: Cooler Master Hyper 212 EVO 82.9 CFM Sleeve Bearing CPU Cooler  ($32.21 @ DirectCanada) 
Motherboard: Asus Z97-A ATX LGA1150 Motherboard  ($154.98 @ DirectCanada) 
Memory: G.Skill Sniper Series 16GB (2 x 8GB) DDR3-1866 Memory  ($174.98 @ Newegg Canada) 
Storage: Crucial MX100 256GB 2.5" Solid State Drive  ($115.98 @ DirectCanada) 
Storage: Western Digital Caviar Blue 1TB 3.5" 7200RPM Internal Hard Drive  ($54.98 @ DirectCanada) 
Video Card: XFX Radeon R9 290 4GB Double Dissipation Video Card  ($289.99 @ NCIX) 
Case: Cooler Master HAF 912 ATX Mid Tower Case  ($48.99 @ NCIX) 
Power Supply: Corsair CX 750W 80+ Bronze Certified Semi-Modular ATX Power Supply  ($74.99 @ NCIX) 
Total: $1186.99
Prices include shipping, taxes, and discounts when available
Generated by PCPartPicker 2014-11-22 19:18 EST-0500

I know the basics behind a graphics card and whatnot, but I have some questions : 

• Is the i5 good enough for gaming, or if there's an affordable i7 option for the CPU.
  
• Is that 4GB graphics card recommended to me a good one ? I never expected 4GB of graphics to be so cheap.
  
• What's all this business about "bronze certified semi-modular" ? I have no idea what that means.
  
• Is my build any good. As I said, I don't know much about this and would appreciate any help for you fine folk :)
  

- SERIOUSLY