AMD Phenoms got off to a bad start with not being as fast as Intels and being very buggy.
The computer you have picked has one of the buggy processors. The later Phenoms have fixed the problems (the newer ones end in ##50, such as 9750/9850). I would NOT buy a Phenom that doesnt end in 50.
But I was once an AMD man, I am not being stubborn though, Intel's range is better in almost everyway at the moment...they not only out perform phenoms, but they overclock better too so its win win.
Now to the original poster, the computer you picked I wouldnt buy, the next machine you linked is probably better but I dont know much about ATi graphics cards. Note though the graphics card is very easy to upgrade as its just a simple slot in.
Mutt107, I would highly recommend you building your own or finding someone who can, its MUCH cheaper and you can variate your money better to get a much faster and stable computer. Theres certain vendors/manufacturers too, such as BFG that give you lifetime warranties and even better a trade up program;
http://www.bfgtech.com/tradeupprogram.aspx
Which just stretches money even further.
PS
Water cooling isnt connected to a water supply lol. The motor circulates coolant from a reservior.