Good board - at least the one I got was. Good basic overclockabilty.
They work best with a CPU with a relatively low FSB and high internal multiplier such as an E5200 with its 200 MHz FSB and 12.5 internal multiplier. It would work pretty well with 65 nm Core2's with their 266 MHz FSB. I would not use it with a CPU that has a 333 MHz FSB.
The E1500 should work nicely with it.