Here are some differences I am seeing:
Audio:
Gigabyte GA-Z77X-UD5H - Realtek ALC898 codec
Asus P8Z77-V PRO - Realtek ALC892 codec
Winner: Gigabyte (Superior Audio Quality)
Memory Support:
Gigabyte GA-Z77X-UD5H - Support for DDR3 2400(OC)/1600/1333/1066 MHz memory modules
Asus P8Z77-V PRO - 4 x DIMM, Max. 32GB, DDR3 2600(O.C.)/2400(O.C.)/2200(O.C.)/2133(O.C.)/2000(O.C.)/1866(O.C.)/1800(O.C.)/1600/1333 MHz Non-ECC, Un-buffered Memory
Winner: Asus (If you need/want to run 2600 modules)
Ethernet Support:
Gigabyte GA-Z77X-UD5H -
1 x Atheros GbE LAN chip (10/100/1000 Mbit) (LAN1)
1 x Intel GbE LAN chip (10/100/1000 Mbit) (LAN2)
Asus P8Z77-V PRO -
Intel® 82579V, 1 x Gigabit LAN Controller(s)
Winner: Gigabyte (The Gigabyte has two Ethernet ports opposed to one for Asus)
Expansion Slots:
Gigabyte GA-Z77X-UD5H -
1 x PCI Express x16 slot, running at x16 (PCIEX16)
* For optimum performance, if only one PCI Express graphics card is to be installed, be sure to install it in the PCIEX16 slot.
1 x PCI Express x16 slot, running at x8 (PCIEX8)
* The PCIEX8 slot shares bandwidth with the PCIEX16 slot. When the PCIEX8 slot is populated, the PCIEX16 slot will operate at up to x8 mode.
1 x PCI Express x16 slot, running at x4 (PCIEX4)
* The PCIEX4 slot is available only when an Intel 22nm (Ivy Bridge) CPU is installed.
* The PCIEX4 slot shares bandwidth with the PCIEX8 and PCIEX16 slots. When the PCIEX4 slot is populated, the PCIEX16 slot will operate at up to x8 mode and the PCIEX8 will operate at up to x4 mode.
(The PCIEX16, PCIEX8 and PCIEX4 slots conform to PCI Express 3.0 standard.)
* PCIE Gen.3 is dependent on CPU and expansion card compatibility.
3 x PCI Express x1 slots
(All PCI Express x1 slots conform to PCI Express 2.0 standard.)
1 x PCI slot
Asus P8Z77-V PRO -
2 x PCIe 3.0/2.0 x16 (x16 or dual x8) *3
1 x PCIe 2.0 x16 (x4 mode, black)
2 x PCIe 2.0 x1 *4
2 x PCI
Winner: Gigabyte (When using 3 GPUs, the last card will get a 4x 3.0 slot opposed to the Asus board only providing 4x at 2.0 speeds)
Storage:
Gigabyte GA-Z77X-UD5H -
Chipset:
2 x SATA 6Gb/s connectors (SATA3 0/SATA3 1) supporting up to 2 SATA 6Gb/s devices
4 x SATA 3Gb/s connectors (SATA2 2~5) supporting up to 4 SATA 3Gb/s devices
1 x mSATA connector
* The SATA2 5 connector will become unavailable when the mSATA connector is installed with a solid state drive.
Support for RAID 0, RAID 1, RAID 5, and RAID 10
* When a RAID set is built across the SATA 6Gb/s and SATA 3Gb/s channels, the system performance of the RAID set may vary depending on the devices being connected.
2 x Marvell 88SE9172 chips:
3 x SATA 6Gb/s connectors (GSATA3 6/7/8) supporting up to 3 SATA 6Gb/s devices
1 x eSATA 6Gb/s connector on the back panel supporting up to 1 SATA 6Gb/s device
Support for RAID 0 and RAID 1
Asus P8Z77-V PRO -
Intel® Z77 chipset :
2 x SATA 6Gb/s port(s), gray
4 x SATA 3Gb/s port(s), blue
Support Raid 0, 1, 5, 10
Supports Intel® Smart Response Technology, Intel® Rapid Start Technology, Intel® Smart Connect Technology *5
ASMedia® PCIe SATA controller : *6
2 x SATA 6Gb/s port(s), navy blue
Winner: Gigabyte (Gigabyte has 10 total sata ports, 5 of which are 6Gb/s vs Asus at 8 total with only 4 6Gb/s)
Wireless:
Gigabyte GA-Z77X-UD5H - None
Asus P8Z77-V PRO - Wi-Fi 802.11 b/g/n
Supports single band frequency 2.4GHz
Winner: Asus
Other than that, the mobos are about the same.