I meant older chipset.
I am building the machine as for workload in photoshop. based on some of the reviews it seems the 4960x has gains in the PS department. BUT it is significantly more.
Just looking for some input. I have considered waiting for a Haswell E but there is no word on when it will come out so I am not sure to wait.
Older chipset? The 4960X is the Ivy Bridge-E CPU and that just came out. Are you referring to the 3960X, which is Sandy Bridge-E that has been out for a while and is replaced by the Ivy Bridge-E? Both processors work with the X79 chipset, which is limited in some capabilities compared to the Z87 chipset that works with the 4770K.
Or maybe you meant the 3770K, which is the predecessor to the 4770K in the Ivy Bridge line and works witht he Z77 chpset. 4770K is the new Haswell chip.
Go with X79/4960X if you want more cores, but also look at the 4930K which will probably get you 90% of the performance (maybe more) at half the price. Go with the Z87/4770K if you want more SATA 6Gb/s, USB 3, built-in graphics, etc. Don't get the 3770K unless you find a deal on it and want to save some money.
Keep in mind that there's another significant upgrade to CPU's and chipsets coming in a year or so. It will be more significant than the update from Sandy Bridge-E to Ivy Bridge-E and Ivy Bridge to Haswell that we're getting right now.
For what you're doing, more cores probably isn't necessary, as jimbo75 said above. You're probably better off with 4770K for now.