this is the spec I am looking at presently .. its tough to know what excactly to get ..
Processor (CPU)
Intel® Core™i7 Processor Extreme Edition i7-965 (4 X 3.20GHz) 6.4GTs/8MB Cache
Memory (RAM)
12GB CORSAIR XMS3 1600MHz - LIFETIME WARRANTY! (6x2GB)
Motherboard
ASUS® RAMPAGE || EXTREME: DDR3, 3-WAY SLI / CROSSFIREX SUPPORT
Operating System
Genuine Windows Vista™ Home Premium 64 bit Edition + SP1, CD & Licence (£85)
Memory - 1st Hard Disk
150GB WD VelociRaptor® SATA 16MB CACHE (10,000rpm) ... for Lightroom and Photoshop only
2nd Hard Disk
1000GB SERIAL ATA II HARD DRIVE WITH 32MB CACHE (7,200rpm)
Graphics Card
2048MB RADEON HD 4870X2 PCI Express + 2 x DVI .. I have heard before that Photoshop can use the extra memory in the Graphics Card ??
Processor Cooling
ASUS TRITON 81 PURE COPPER BASE ULTRA COOLER (£45)
S
That looks like a very reasonable set of equipment.
I don't think that the additional memory on the video card is of any help to Photoshop. I've even read that a lot of memory on the video card can sometimes slow down Photoshop. I'd go with 512MB or 1GB on the video card. The Radeon 4870 is cutting edge and more expensive, I went with the 4850 and it seems to do just fine.
The 150GB Velociraptor for the operating system and programs is a good drive, I'm using the same one. You might consider going to the 300GB velociraptor in case you want to add any other programs, music, etc. I don't have too much fluff on my computer but I'm down to only 60GB free on the 150GB drive already.
Photoshop and Lightroom can both benefit from a multi hard drive configuration. This helps minimize the hard drive needing to access multiple items from the same hard drive at the same time (with a resultant slowdown). The preferred configuration is as follows...
Hard drive #1 - Operating System, Programs, Windows Memory Paging File (O/S virtual memory)
Hard drive #2 - Photoshop Scratch Disk, Lightroom Database Files
Hard drive #3 - Image/file storage
I'd go with the 300GB Velociraptor for drive #1, and look at the Western Digital Caviar Black series of drives for drives #2 and #3. The WD 640GB Caviar Black drive is a very affordable and very fast all around performer, would be perfect for drive #2. It would leave lots and lots of extra space, since you only really need 100-200GB for drive #2. You could even do a 150GB Velociraptor for #2, but it's double the cost and not really that much faster. Some people will do a RAID 0 setup for Photoshop scratch disk, but since you are keeping the Lightroom database on the same drive, I'd go with a fast single drive for greater reliability. The 1TB Caviar Black is a very good large drive, would be perfect for #3.
Don't forget a case with lots of cooling, especially if you plan to overclock the i7 CPU. I went with the Antec 900, which can move a LOT of air and has a lot of space.
If you are doing a lot of work in Lightroom, look at going with a dual monitor setup. It can really enhance your productivity by having one image in Loupe view at all times with the grid view on the other screen. You'll need two video cards to support two monitor profiles, so maybe go with two simpler video cards such as a pair of ATI Radeon 4850's with 1GB of memory each.
Don't forget a good power supply to drive all these components.
Hope this helps!