I have not seen a major difference between AMD and Intel personally, so given the cost difference, I think you went the right route. However, unless there is a good reason to stick with the ATI card, I do follow the suggestion of an NVidia card instead. Or, given your graphics needs, maybe consider Matrox. I haven't dealt with them in a long time, though, so I am not certain they still hold the edge for graphics. NVidia is definitely the game leader though with great graphics capabilities. Though the SLI board is a bit of overkill if you won't use it. Look for non-SLI boards if you are sticking with one card. They are usually cheaper, and most vendors offer an SLI board and a non-SLI board that is otherwise the same. Also, due to the Photoshop and cheap memory, I definitely think you should stick with your 4GB Memory.
Lastly, if you have the money for it, the bigger hard drive is a good choice. Be careful though, you can frequently get multiple smaller drives for the same total size for a smaller price. As long as heat and case space is not an issue, find that sweet spot and buy multiple drives as appropriate. You then can do several things with it that you wouldn't otherwise be able to do, such as mirror the drives, stripe them in a raid, or partition them separately to minimize rebuild times as appropriate to your goals. Personally, I suggest getting 3 or 4 (if possible) and make them a striped array. This gives a small (though not insignificant) performance boost especially with photoshop, while giving you a better chance at recovery if one goes bad (if two go at the same time you are still screwed though, so never use this in place of a good backup strategy!)
EDIT: BTW - Just wanted to say I like your choice of components. Seagate drives in particular seem a cut above to me. The Western Digital ones work very well too, but are much louder in my experience. Sticking with these quality components will help ensure that you will get good support if needed as well. As to your original question, No, it doesn't suck, even as written, the comments made are just to help you tweak your thoughts from our own opinions. Good luck.