Well, not so fast. I'd go along with 80% of that, but let's slow down and review the motherboard, drives and video card. Also, where are the optical drives?
OK, first thing is the mobo. Motherboards come in a variety of configurations. The cheaper models (within the chipset you've decided upon) will have fewer slots for memory, PCI, etc. Be sure it supports 4 SATA connectors internally and having an external SATA or eSATA isn't a bad idea. I'd want at least three PCI slots, so I could add extra goodies that I might not be thinking of today. Also, you want extra slots to increase memory to 4 gigs, because you never know what you'll need tomorrow. I've seen some motherboards with only a single IDE slot. Not good for video guys - you want to run up to four IDE burners, so you need two IDE slots.
I've been out of the computer biz for nearly a decade, so feel free to jump in here if I've overlooked anything.
For drives - they are so cheap now, don't scrimp here. All drives should be SATA 3.0 or better (do they have better than 3.0 yet?). Your OS drive will also hold your programs and you'll want many and they'll be huge. The smallest I'd consider is 160 gigs and I'd really prefer 250 because whatever we need today - we'll need double that tomorrow.
As for video drives - you have to decide whether to run a RAID system or JBOD. (If you're not familiar with these terms, Google them and get familiar before you reach for your wallet.) If you're only doing family videos, then 500 gigs is enough storage. That means one 500gig drive for JBOD or two 500gig drives for RAID. For best results, use same make & model of drives. (Almost said "year, make and model")!
If you're doing weddings, or other types of biz shoots, then you want at least a terrabyte of storage space. Be sure you have firewire and plenty of USB 2.0 so you can use external drives also. (Plus you'll need firewire for video capture and perhaps USB for downloading from digital recorders, etc.)
Video card - your NLE and perhaps other video software, will depend a lot on you getting the right video card. Check your NLE's support page for recommendations. Generally, NVIDIA and ATI are the only two choices. Be sure you can run multiple monitors and have GPU support.
You'll want at least two DVD burners for spitting out those videos. If doing video as a business, you may want four burners. By using all SATA harddrives, you've left all four IDE drive support open for burners. Nero will let you use four burners at once.
I'm not sure if they've been keeping it up to date, but the VideoGuys website (www.videoguys.com) has a section with component recommendations for DIY system builders for video editing. Check 'em out.