GTX295 = unnecessary.  Even disregarding the cost, it's two GPUs in one = BIG power sucker (and probably noisy too).
There's no game these days, or in probably in a year's time, that'll max out the card, and even later, just play the thing on lower settings (can you really tell the difference between 4x Anisotropic filtering and 16x?  even if you can, I doubt you'll be paying much attention when you're actually focused on the gameplay).

CPUs are a bit different in that they're always somewhat max-out-able, but the i7 probably won't make your games run much faster than a Core 2.