From personally owning a 8350(see rig 3 below) my observation of some of the comments.
First, my 8350 does NOT OC easy to the high 4s on air. Oh, you can find plenty of posters who claim 5Ghz OCs but is it stable to run IBT, OCCP, or AMD OC stability test? Probably not. As to OCing on air, the 8350 still uses a lot of power when the OC is upped and liquid cooling is really needed unless you have a VERY high end air cooler ($$)
A 500W PSU might be sufficient for a stock sytem with a high end video card but any OCing will put you in the danger zone.
My 8350 OC'd to 4.6Ghz (21 x219) is close to a stock 3770k but to get there required a Corsair H100 cooler and a lot of tweeks, so the gap between a 8350 price - $199 - and a 3770k price -$329 (price this morning from newegg.com) is actually much closer.
I really like my 8350, but dollar for dollar if I am building from scratch and my primary concern is a fast processor for video editing, I would probably opt for the 3770k. If I have an AM3+ mb already the answer would be 8350.