The P8B75-M uses (unsurprisingly) the Intel B75 chipset.
The only things the flagship Z77 chipset can do that yours can't is to be able to do SLI/Crossfire, you lose the ability to have an additional 2 USB ports, and you can't do the SSD caching that Intel calls "
Smart Response Technology." Oh, and you also won't have the ability to use any of the fancy -K series unlocked chips, so no overclocking for you (which means buying the 2500K instead of the "standard" 2500 was money you didn't have to spend).
In other words, your chipset is not really limited to "not using those parts 100%" like you might think it is.
Your motherboard should be capable of using the I5-3570 (ivy bridge) CPU that is the successor to your I5-2550K, but the performance difference is not that big (you would only gain about 10% speed improvement). The main reason to use Ivy instead of Sandy Bridge is because they run much, much cooler and use less power, not because they have much better performance.
So yes, if you want a big performance boost, you will probably want to replace the motherboard and CPU...but keep in mind, this probably means you will
also need to replace the RAM, so keep room for that in your budget as well.
As far as your video card is concerned, the R9 280 is the equivalent of a Radeon 7950, which is currently #42 fastest out of
all the currently shipping video cards. You probably don't
need to upgrade it at this time.
--Patrick