That's a myth imo. I purchased first revisions of 865, P965, P35 and now P55 chipset boards every time I got a new CPU. None of those boards had any glitches you speak of. 2nd or 3rd revisions tend to add more features (i.e., PCIe express 2.0 vs. 1.0, more SATA ports, change board layout, change Foxconn retention to Lotes, USB 3.0/SATA3 etc.) than fix glitches. Today almost all motherboards are of such high quality, that discussing glitches is hardly relevant when you are talking about top brands: Asus, Gigabyte, EVGA. Also, board Revision from 1->x have the exact same bios versions. This means that whatever BIOS issues are present on Revision 1 are fixed with the same BIOS for all other board revisions.
Besides with this logic, you will wait until 2nd / 3rd board revision (which will come 4-6 months after the first revision boards launch). Then with that logic "oh it's only 12 more months until refresh of Sandy Bridge...etc." You keep waiting forever.
This is very true. The real Sandy Bridge that is worth waiting (i.e., 6 and 8 core versions) for will not come out until Q3 2011. This means the Q1 2011 Sandy will only be a Quad Core. Unless you want to wait that long, you might as well get Core i7 now.