AMD builds are generally good for value or if you're on a budget. However, the higher end motherboards, with Intel or AMD, are generally a waste since well-made, but less expensive boards can do the same thing. Also, you need a video card, like the new Radeon HD 5870 if you want performance. From all the reviews I've read, it's a very nice card that performs well. Anyway, I would make some changes and here they are.
Motherboard: ASRock M3A785GXH/128M AM3 AMD 785G HDMI ATX AMD Motherboard
- This will do the same as your chosen board but cost much less. $99
CPU: The 965 is a good CPU, but it is a 955 only 200MHz. faster with more watts, and much more expensive. I suggest the AMD Phenom II X4 955
Monitor: I would go for an ASUS VW246H Black 24" 2ms(GTG)
since it has HDMI, is an inch larger, and costs the same as the one you chose.
Speakers: DPunisher has a very good point. Unless you listen to audio over your headphones and only use speakers occasionally. That's what I do, I have simple 2.1 speakers that didn't cost very much, but I also have an expensive pair of headphones since that is my preferred method of listening to audio. Remember, audio is one of those things that if any part of the audio experience isn't good, the whole thing won't sound nice. That means the audio file has to be of good quality, the audio card must be decent (none of that on-board stuff if you're really into audio), and the speakers, or headphones, must be good. If all those are nice, you get great audio.
Operating System: Why are you getting an upgrade of the most expensive version of Windows 7? First, the upgrade can only be used on PC's that have Windows already installed and activated. Second, Microsoft will be releasing the OS in OEM form soon and that will be the better choice. Third, there is no reason for the average consumer to need the Ultimate edition of 7. Each version of 7 is a superset, so Windows 7 Professional, the version enthusiasts should get, has everything from Home Premium. Ultimate has everything Professional does, but also the Enterprise edition stuff that no one uses. Here
is a page comparing the product editions.
Video Card: If this is a performance PC, the XFX HD-587A-ZNF9 Radeon HD 5870
is an excellent choice. It should be available to ship sometime within about a week.