Pros: usb 3.0, attractive BIOS, supports SLI/Crossfire, relatively cheap
Cons: only 2 SATA III slots, no on board power button, no button/jumper that goes straight to the bios
coming in at only $119.99 thanks to a rebate, this board is pretty entry level for the z77 line of motherboards that ASUS makes. but compared to my last motherboard, it really feels like they sold this for significantly less than it's actual value. it's equipped with a very fancy looking BIOS that Asus uses on their newer motherboards which was at first, a bit overwhelming when compared to the BIOS of my M2N68-AM Plus, but was definitely easier to navigate. after reading through the features in the manual, i found out that this motherboard actually comes with a software that allows you to overclock your processor just by running a program! based on what i know, it works by adjusting your CPU's clock speed and multiplier until it finds something stable and not too hot (ie. better cooling will get you a higher overclock). your computer will most likely crash in the process, but that's expected and they compensated for that by having your computer restart until it finds something that works. fancy! since i currently have stock cooling, i stopped the overclocking when it got to 4.2 GHz but i have heard from some friends that the program automatically overclocked their processors up to around 5 GHz before the program reached the limit of it's capabilities, from which at this point you could just go into the BIOS yourself and work off what the software gave you to go even further.
back on the topic of the motherboard though, i have been running it basically 24/7 with a small overclock and it has yet to stutter. it features USB 3.0 too which is great because my new case happens to have USB 3.0. i read on the box that it has something called "USB 3.0 boost" which allows faster transfer speeds through USB 3.0 but i have yet to verify this. it has two pci-e 3.0 slots and supports SLI and crossfire. i know this it isn't uncommon for even entry level motherboard to support multiple GPU's, but i just feel like it's worth pointing out. other than that, the drivers and software for this motherboard seem to work great and are bug free. lastly, it has a combo keyboard/mouse PS-2 slot on the back so if you want a keyboard with anti-ghosting then that's always an option.
for the cons, i really had to think to find out what i don't like about this motherboard. obviously it doesn't have a lot of the features that you would see on a higher end motherboard such as an on board power button, but that was unnecessary my build. the main problem i see is that it only has 2 SATA III slots so i can only get full speed out of 2 SSD's. this is not a problem for me yet. though, i just thought it would be nice if it had 4 SATA III ports. one other thing that this board lacks is a jumper that allows it to go straight to the BIOS without spamming the delete button which i have seen on other motherboards. obviously this isn't a necessity, but i feel as though it would be a convinience being able to wire that to my reset button which i don't use anyway. lastly, the color of the board isn't the greatest (dark brownish) but that's just being really picky. and it's not like i'm going to be staring at this board all the time anyway.
to sum this up: this is a cheap and reliable board that is great for a basic computer build and has lots of head room to add parts on later. i would definitely recommend it for a basic build. this board has many features that make it really versatile which really makes me think about how hard ASUS tried to make this board do it all while still keeping it at an attractive price.