No, it does not require that mobo. Any mobo with the proper pcie slots will work. You just need to use the hacked nvidia drivers that enable physics while using an ati card as the primary viedo. I think you have to use windows 7 as it allows multiple drivers to be installed, not sure if vista will work.
There have been many posts on the subjects. Search the forums.
Yes, very well put. For those too lazy to check the forums, or google, this thread has it all:http://www.hardforum.com/showthread.php?t=1456964
Should have no problems, other than a computer with a personality disorder.