Some two cents...CPU
The two contenders I would put up here are the AMD FX-8350 and the Intel Core i5-4670K. The FX-8350 will perform really well for its price on video editing and such, but the i5-4670K doesn't lag too far behind if at all. The i5-4670K does perform better in gaming however, and I have no reason to believe next gen console titles that get ported over will perform significantly better with more cores.RAM
About the only time I would recommend 16GB GPU
If you're running games across a single monitor, stick with a single high-end video card. If you're getting something now, AMD's new 200 series is something to get.Mobo
Pick something that fits all your I/O needs (USB 3.0 ports, SATA 6Gbps ports, etc). However, as a rule of thumb, if you're going to go over $150, look at all the features of the board and ask yourself if you're really going to use them. Motherboards are the only thing that don't increase performance of the system itself with price. You may get some nice features like easy overclocking or a button to reset BIOS settings on more expensive boards, but it doesn't mean cheaper boards don't have something that could perform a similar function.
Well, actually the chipset does matter. For instance, you can only overclock and have SLI/Crossfire on Intel's Z series chipsets. I'm not sure about AMDs though, but stick with the 990 series.PSU
If you're getting a single video card system, then you won't need more than 600W. I would recommend something from Seasonic or Corsair.Storage
Definitely toss an SSD in here with that budget. I wouldn't get something too big (I honestly think 120GB/128GB is big enough). Then go grab a large hard drive so you can store your projects.