The Quadcore CPU isn't nessecery yet, but CPUs doesn't ages as quickly as a videocard, so it isn't a waste of money to buy a good CPU.

The Videocard on the other hand is a X2 modell, that means 2 GPUs on one Card, each of them with 1 GB Ram and a 256 bit interface from the GPU to the RAM.
Such cards can be fast if the Videocard Driver and the game supports 2 GPUs (Crossfire for ATI, SLI by nVIDEA), but in most cases driver support is slow, so that most new games don't use the full power of a X2 card before the next driver update (one <-> two months after a games marketlaunch).

IMHO it's more sensible to buy this card, and use the spared 170$ to buy a newer, faster card in the 200 $ pricerange in two years:
http://www.newegg.com/Product/Product.a … 6814102801

CYNIC, n. A blackguard whose faulty vision sees things as they are, not as they ought to be. Hence the custom among the Scythians of plucking out a cynic’s eyes to improve his vision