Didn't all mb manufacturers drop the "official" support for DDR 400 because of problems w/ this memory (i.e. not formally approved memory & slow due to CAS/RAS settings used to get that speed)? Of course almost every board has unofficial support for DDR 400 and above...
What the 845pe gives you is the settings that will enable you to run your memory at faster speeds like the current 845g, but without paying the $5-$10 for the imbedded graphics. Additionally, this chipset supports hyperthreading and it supports the slightly different power requirements for P4 > 3.06GHz.
Tates, I'm close to ordering this board (Albatron) this weekend because it's so darn inexpensive

and has a good pedigree. I may force myself to wait for a review or two though... I don't think I can wait until a lot of Anandtecher's get the board & start posting their oc results because that will take a couple of weeks. Maybe this time I'll be one of the first to take the plunge!