This setup worked great for me in terms of both Mhash/$ and Mhash/watt:
GPUs: 4x reference design 5870s.
These can be found used for about $200, but the downside is finding them with an intact warranty is difficult. If you prefer having a warranty you can substitute 4x 2GB 6950s and unlock them to 6970s. With recent mining developments (BFI_INT) the 69xx cards are more attractive than before. At $270 you can buy 4 of
these for less than 2 6990s. Cheap 5850s are also an option, but most of the ones you can buy new don't use the reference cooler and as a result you can run into heat problems with a quad GPU setup. If you want to go the 2x5850 route you can substitute the motherboard and PSU for cheaper ones.
CPU: Cheapest AMD Sempron you can find -
$39You can go cheaper if you don't mind buying a used motherboard, but sadly AM2 4xPCI-E motherboards are extremely hard to find with an intact warranty.
RAM: Any cheap 1GB stick, you don't need more than that for a dedicated miner -
$13Memory bandwidth on the host machine makes no difference for GPU mining.
Motherboard: MSI 790FX GD70, but any 4xPCI-E AMD that allows 4 dual-slot GPUs to fit works -
$185Some alternatives are the newer MSI 890FX GD70 (more expensive, easier to find) and the much older MSI K9A2 Platinum. (very hard to find)
PSU: Corsair TX950 -
$150This is just personal preference, but in my experience using cheap, low-quality PSUs for 100% load 24/7 applications is a bad idea. Obviously this is up to individual user to decide, but make sure that the PSU can support 8x PCI-E 6-pin connections. (using the molex -> PCI-E adapters is fine)
HDD: Cheapest you can find, alternatively you can use a USB stick or boot from LAN.
I'm not going to go into specifics here since there are many alternatives to buying a new HDD for each node. Just keep in mid that you don't need much HDD space for a dedicated miner.
I was able to build my quad 5870 setup for $1070 and it produces 1.7 Ghash/sec while consuming about 900W from the wall. Overheating and noise are not a problem, I can run the cards at 65% fan and get temps in the mid 70s. However I had an extra HDD and RAM on-hand already, so expect to pay more this.