Would be nice as a dual CPU socket setup
Use plenty of ram (minimal 8gb) ECC for fault tolerance
Use SSD as boot
Use 3 HDs in Raid 1 for redundancy
Your usually not going to be able to OC with a workstation/server board but for stability reasons you would not want to.
Look at the motherboards from Supermicro
Of course this all depends on budget.
Unless you get a deal or plan on using 2+ CPUs (which means CPU supporting the feature), there will probably be no benefit for the Xeon, they will probably just be re-branded C2D/C2Q/i5/i7. Depending on the load you are expecting or if you plan on using many VMs, an I7 (with its Hyperthreading, LGA1156 or LGA1366)) could give a little extra boost, but if the server/vm is mostly idle or I/O bound, it won't make much of a difference.