Currently have an old 500GB HDD, am looking to upgrade to a modern SSD.
My question is does my motherboard support the latest SSD formats? I would probably get an OCZ vertex 4 or alternative brand equivalent, but not if my motherboard doesn't support it. If not, I would just get a cheaper, older SSD.
It will support it. It only has sata-2, but it won't be an issue. Look for the one you want - in terms of size speed and quality(not the one you think your motherboard wants or supports). If you upgrade in the future, you can move your SSD to the new machine.