As you had already specced an i5 build, I did an AMD build to show the op there are other alternative builds to meet his needs and more. When he asked if the "Amd was better than the i5 for his needs", I told him an i3 would be better. Now, if he was doing a bit of video editing/rendering, then i would say i5. But, as hono has already mentioned, I think it is overkill and a waste of money, which could be better spent. But at least with the Z77 mobo, he has an upgrade path, if his needs change in the future.
I threw the 7770 in for better HD/BD playback and should he want play some other games, in the future.
So, the OP now has a choice of specs, all of which meet his requirements.
I think, if an OP is on a low budget, then he should get the best he can for money/performance. And not the first spec shoved in front of him. But at the end of the day, it`s the OP`s money and therefore his choice.