If you looked at the Z97 Tier list you'd see that Asus M7 Hero and Formula are in the same tier as MSI Gaming 5, there's reason behind it. If you're looking for a high quality board with all premium features like M.2, SLI ability, good VRMs and power phases for OCing, any Tier 1 Class B board will do the job just fine.
Now, The Hero and Formula do have some really good features for OCing and for audio as well, but unless you know you're going to utilize those, you will be wasting their potential, and your money. If you are dead sure to get an AIO for CPU and/ or GPU cooling, you can go for the Formula as it has that setup integrated in it's armour.
But I wouldn't consider anything higher than Hero for a motherboard personally, the money can be spent better in other parts. Comparing Hero vs Gaming 5 can get tricky, but for most part, as far as OCing is considered, Hero is an amazing board for that purpose, Gaming 5 is no less, but you will get an awful lot of tweaks with the Hero.