Sounds fine...I'm on my first build myself...and from everything Ive heard so far, Asus is a good standard for MoBoards.
I looked up your Abit NF7-S v2.0' on NewEgg.com, and found it was DUAL Channel memory. Now, I was told earlier yesterday by one of the TechSpot administrators that no Athlon XP chip can take real advantage of DUAL Channel memory because the front side bus of the Athlons at 400mhz can't handle all the info that the DuCh memory sends to it anyway.
So, you'd probably save $7 bucks, if you got the non-DUAL board if your on a tight budget.
I asked why on earth they would make DUAL Channel boards if the CPU chip couldn't take advantage of it, and I was told that DuCh was originally intended for other system devices to run easier.
So, I still don't know if that means that it's not worth getting or not, but for $7 more, you might as well.
One last thing, if you play any 3D games at all, you might as well get a decent 128 or 256 megabyte graphics card. I'm not getting a 'top-of-the-line' card myself, but those are all $500 anyway. So Ive been digging into all the articles that I could find, and found that an ATI Radeon 9600XT (Low-end $130 U.S.) is very near the best current 'price/performance' factor.
Also, everybody stresses over and over again to make sure to get a decent PSU (Power Supply Unit) because most that come with new cases use deceptive labeling, and can destroy your new MoBoard if it blows up.
They all recommend at least 350 Watt on up. I'll stop rambling now, but here's an informative link on the decent PSUs, and also the ones to avoid:
http://www.hardforum.com/showthread.php?t=792566
Hope this is helpful...