For the base system I chose, the water cooling was a free upgrade, and after reading many reviews about people receiving DOA computers sporting stock air / ibuypower liquid cooling, I thought I'd cough up a few more dollars to help ensure that my pc stayed alive.
The case also comes with 4 fans in addition to the liquid cooling, so even if it is junk, I think the case will be properly ventilated.
For the wattage / PSU thing, I went to a couple websites where you fill in all of the parts for a computer and it gives you an estimate on wattage usage. I also did some reading that said that load efficiency was more important than the amount of watts you had (for saving $$ and energy consumption.)
The dell that I own now has a 350w PSU, and over the 5 years I've owned it, I've never had a problem.
Other than that its a solid system. Although i hope you have ALOT more HDDs for data 
Well, 98% of what I do is saved externally, so space was definitely not an issue. 320gb might be small by most standards, but it's plenty of space for games and applications.
I don't even know what I would do with 1TB of space...does anyone? Really?
Anyway, thank you very much kinky and KM, positive feedback about parts is always nice to hear!
