as for overclocking, i'm not sure it's the best platform to go with. Nvidia said that non-ultra boards wouldn't have any overclocking tools, so that might make things difficult unless gigabyte decided to change that. Also, the non-ultras use the older, problematic A1 and A2 silicons rather than the A3 that the ultras and SLIs use. This means they have problems running at 1GHz HTT, and likely don't handle overclocking well.
On the other hand, i just ordered a Chaintech VNF4/Ultra for $119 from newegg, cheaper than the gigabyte non-ultra, and with all the nice features of the NF4 chipset like SATA-II, activearmor firewall, overclocking tools, etc.
I do, however, really like gigabyte's high end boards, the K8NXP-9 and K8NXP-SLI, but they are scarce and very expensive at the moment, and it doesn't seem that it will change soon. The Ultra board is just as expensive as the Asus SLI board at $250. And since it's a 8-Sigma series, it'll likely be quite pricey for a while (the K8NXP-939 Nforce3 Ultra board has been out for a while, and it's still like $185).