Is this a decent/value custom build?

[Killer3737]

For years now i've wanted to, and been pestered to do a custom build, so i'm about to bite the bullet and do just that. However i'd like to get some opinions on my proposed build, and if it is indeed good value, or i'd be better off just buying one ready made, or atleast from a place that custom builds for you. I'm looking at:

Intel Core 2 Duo E8400 Socket 775 (3.0GHz)
Asus P5KPL-AM iG31 Socket 775 onboard VGA 8 channel audio mATX
Corsair 2GB DDR2 800MHz/PC2-6400 Memory CL5 1.8V
Microsoft Windows XP Home Edition-SP3/SP2- 1 PC - OEM
Western Digital WD5000AAKS 500GB SATA II 7200RPM 16MB Cache
LG W2242S 22" TFT Monitor 1680x1050 8000:1 300cd/m2 5ms VGA
CoolerMaster Elite 330 Black Case With CM eXtreme Power 460W PSU
Sapphire HD4850 1GB GDDR3 HDMI DVI VGA PCI-E Graphics Card

For approx. £530, which is the very top of my budget. I intend to use it for video (inc Full HD)/audio/image editing mainly in the Adobe suite, playing fairly recent games, and then general day to day use. So, good deal/worth it or not?

Thanks

[Killer3737]

Sorry double post, hit quote rather than edit.