Can't speak for the "PNY" RAM, but I built a rig using that exact board and 2 x 512MB of Corsair PC2700 RAM about 2 months ago and it has been running 100% stable. Guy's using it for CAD/3D stuff.
Intel has a chart on their site that shows what RAM has been tested and approved for each MoBo, however don't worry if your RAM's not on there. All the Intel MoBo/RAM combos I've ever put together have never been with "Inel Approved" RAM but they've always worked perfect.