I was just about to say that ... the 1000uf capacitor after the regulator is a bit silly. It would make more sense to have there a diode between output and input. 10-47uF 10-16v electrolytic capacitor on the output should be enough.
Add a 0.01 uF capacitor in parallel with that 470uF capacitor. Speaking of which, it may be too small.
The 7805 needs about 2v above 5v to output your 5v... so you need a minimum of 7v on the input.
Now I don't know what AC power source you have... assuming 7.5v ac , you'd get after rectification and considering the drop on the rectifier about 9v DC max. If your board is going to use let's say up to 0.25A (the controller and a few leds or something) then to have 7v DC to the 7805 you'd need C = ( Current ) / ( Vripple x 2 x ac frequency) = 0.25 / (9v dc in - 7v dc minimum) x 2 x 50 Hz = 0.3/200 = 0.00125 or about 1250 uF
With 12v AC or higher, the 470uF capacitor would be enough.. but anyway.. it won't hurt to go higher in capacitance at input.
One more observation... I don't understand why you'd use that footprint for the bridge rectifier. You don't need a bridge rectifier in such large package - those through hole rectifiers are usually for several amps of power ... your 7805 can barely do 1.5A or something like that, and the microcontroller itself is unlikely to use more than 0.5A. It will just make your board tall for no reason.
So why not just put 8 holes for 4 plain 1n400x diodes, or footprint for a bridge rectifier like one of these:
1 :
http://uk.farnell.com/multicomp/w01mg/bridge-rectifier-100v-1-5a-wob/dp/18614352 :
http://uk.farnell.com/multicomp/di152/bridge-rectifier-1-5a-200v/dp/93807603 :
http://uk.farnell.com/fairchild-semiconductor/df02m/bridge-rectifier-1-5a-200v-4-dip/dp/14674654:
http://uk.farnell.com/vishay-general-semiconductor/df01m-e3-45/bridge-rectifier-1ph-1a-100v-dfm/dp/2101159All perfectly good choices.
Same with the 7805 linear regulator. It's unlikely you'll need a heatsink for it, but it may be a good idea to flip it the other way around so that you could bend the leads 90 degrees and have the regulator use less space vertically.
With a bit of effort you could also make the board one sided instead of double sided. Worst case scenario, you could simply use some 0 ohm resistors as jumpers over other traces. May not look as nice but it would be a board cheaper to make.