All LGA1155 mobos are compatible with Ivy bridge through a bios update. However, the ASrock gen3 enables you to run a PCIe 3.0 GPU at pcie 3.0 speeds.
Yes, it is the most feature full board at that price point. However, it does not OC as well as the gigabyte UD5 boards and above (ie. UD7).
because of the new bios however, it does boot up faster than the gigabyte boards (a mere 3-5 secs faster).
The gen3 extreme7 is also out too and that is the most feature full board at the 290 price range because it has the nf2000 chip + PCIe 3.0 - http://www.newegg.com/Product/Product.aspx?Item=N82E16813157269&Tpk=extreme7%20gen3