Just to be clear, I'm no expert on motherboards - this was my first build.
Clear instruction manual
Laden with ports - 10 USB ports (including the module for the additional 2 USB 3.0s), hdmi, VGA etc. etc.
Ivy bridge compatible
Quite an attractive board, if that's important to you
All those blue heatsinks ensure it runs cool
Excellent mouse driven graphical bios.
Comes with some useful utilities, e.g. Asus Fan Xpert, which allows you to control fan speed profiles etc.
So far, it has been stable.
Easy, one-click overclocking...
...although t'interweb suggests that this leads to overly-high voltages, so you're better off doing the settings manually
Not cheap, though it may now come down in price with the release of Z77.
Bluetooth has a range of about 1.5 feet, which is really poor. A quick Google shows this is a known issue.
The PCB is a bit flimsy. Careful how hard you push that RAM in...
The port panel thingy that you fit into the back of the case seems to be made of tinfoil
The drivers page on the Asus website was a confusing mess, and one of the most up-to-date drivers refused to install on the board. The one on the bundled disk works fine though.
Overall, it's a decent board, but it's a pity that Asus haven't ironed out the flaws by now