I think the build looks good. The great thing about the current console generation is that you can run many recent pc games with a moderate setup like the verge used. Until a month ago, I used a cheap Radeon 4670, a middle class graphics card that was released several years ago. And IMO it was good enough for many titles. But don't expect to run next-gen titles like the heading suggests 
These consoles will certainly be more expensive than this build, though! And almost every game I bought on steam supports the 360 pad perfectly, so it's a hassle free console-like experience to me. Using a software called eventghost, I control my PVR application (SageTV) with the controller, too.
You might have to read up on the noise of this specific build, regarding the psu, Intel stock cooler and graphics card, especially if you want to use it as an HTPC. Of course, you can always upgrade all these components, but it will be cheaper to buy the best parts right at the start.
These consoles will certainly be more expensive than this build, though! And almost every game I bought on steam supports the 360 pad perfectly, so it's a hassle free console-like experience to me. Using a software called eventghost, I control my PVR application (SageTV) with the controller, too.You might have to read up on the noise of this specific build, regarding the psu, Intel stock cooler and graphics card, especially if you want to use it as an HTPC. Of course, you can always upgrade all these components, but it will be cheaper to buy the best parts right at the start.