For video editing, are you working in AVCHD? If so, that will need juice.
For the processor, can consider the i7-860. That's the current sweetspot for the i7 series.
For RAM, go with 8GB.
For graphics card, the ATI 5770 or the nvidia GTX260 are more than sufficient. No need to go higher. Check which one is priced better.
That's the core of your system. This combination should be good for a quite good while.
Won't bother recommending monitor since you have that covered already.
No, just basic home video stuff, I'm not well versed (or at all, experienced) with even the most basic of video editing, so my main concern at this point would be photos, batch processing to be more exact.
Thanks to all of you, you've narrowed down my choices and reduced my confusion by a great deal.