1155 boards with more than 16 PEG lanes are using a bridge. It allows the mobo to be a bit more dynamic about what slot gets more bandwidth at any given time, but ultimately you're still trying to feed 3 GPUs off of a single x16 connection.
No, that's incorrect. A lot of people think the NF200 chip just helps to redirect existing PCIe lanes, but it actually adds more lanes.
1 GPU is fed from the CPU (fed off the Intel chipset's x16 lanes that can be split into 8x/8x) and with the help of the NF200 chip,
you gain 2 more PCIe slots on the motherboard, with each @ x16 lanes.
So with 3 cards and NF200 chip on a P67/Z68 board you are actually running x8, x16, x16.
Next to that, the Maximus IV Extreme-Z offers something that a whole lot of you really like, they added the NVIDIA NF200 bridge chip which adds extra PCIe lanes. Meaning that if you put two x16 lanes PCIe graphics cards into the system they actually work mechanically at 16x:16x and not 8x:8x. ~
Source
The nForce 200 MCP eliminates the 2 GPU device connection limitations of the
PCIe controller in the CPU. The
NF200 "piggy-backs" on the Intel chipset for
additional PCIe lanes. As a result NF200 chips
adds more usable lanes to the board. It doesn't simply redistribute existing
x16 lanes across 3 GPUs from the CPU. The main disadvantage is you get additional latency by introducing a 2nd chip (i.e., NF200). But the argument that you need LGA2011 to drive 3 top-of-the line GPUs is simply not true.
For example, the specifications for multi GPU setups on the Maximus IV Extreme(-Z) boards is
4 x PCIe 2.0 x16.
A lot of people think P67/Z68 boards aren't good enough for 3 GPUs because they probably saw benchmarks of enthusiast boards without the NF200 chip. When you move away from a two card setup and into a three card one, boards
without the NF200 chip would run x8 / x8 / x4. But any P67/Z68 board with the NF200 chip, such as the
$250 ASUS P8P67 WS Revolution motherboard, and an
Intel Core i5 2500K overclocked to 4.8GHz, has 0 problems driving GTX580 Tri-SLI.
If you look at
2600k with Tri-SLI Testing, it had no problems smoking an overclocked core i7 920 on the X58 chipset with more native PCIe lanes. P67/Z68 chipset + NF200 combination resolves the PCIe limitation for 3 GPUs.