It's fine. The theoretical bandwidth is reduced, but it typically doesn't matter, as most graphics cards (if not all) can't even use the full bandwidth of PCIe 1.0 to my knowledge. Some of the upper-level cards (like the GTX280 and above) might be slightly limited, but it typically doesn't make a difference.
You should be fine as PCI-E 2.0 cards can operate in 1.0 slots as they are backwards compatible. Even though there is a slight performance penalty anything from a 4850 or 9800GTX+ on down will only suffer slightly, if at all depending on the card you choose. You only really get a noticeable penalty on the faster cards.
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Reply to megamanx00
Make sure it is version 1.0, and not 1.0a.
All PCIe 2.0 cards are backwards compatable with version 1.0.
Some PCIe 2.0 cards do have problems with the 1.0a slot.
The 8800GT is one of them for instance, so double check if the board is really cheap, it is NOT version PCIe 1.0a.
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