550 W Power Supply
Processor: Intel i5-2500K, quad 3.30 ghz
4GB DDR3 RAM
Video Card: 1024 MB NVidea Geforce GTS 450
Sound: On-Board Integrated ALC 892

Also, I haven't purchased this computer just yet. Would upgrading anything go a long way? I would like to stay relatively close to my current budget.

There are no official system requirements yet.

it is supposed to run on an xbox 360 as well as a ps3 on reduced settings. If you can play any recent titles on your PC at any level of setting then you should be fine.

What resolution is your monitor?

The GTS 450 is probably the entry level card to get decent frame rates for most recent games at 1920x1080. the AMD 5770 is slightly better (and costs about $10-15 more), and the GTX 460 is slightly better than that.
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Today there is a sale on the EVGA overclocked GTX 460 at Newegg for $119. incl. free shipping - pretty good deal IMO. (i think the MSRP is $185)

http://www.newegg.com/Product/Product.aspx?Item=N82E16814130571&nm_mc=EMC-GD052511&cm_mmc=EMC-GD052511-_-index-_-Item-_-14-130-571

Resolution of my monitor is 1920 x 1080

Anyone know the deal with onboard sound? Is it worth getting an upgraded sound card?