Go for Z77 - it's the best thing out for gaming. It works with Ivy Bridge processors, unknown if it will work with Haswell (the next iteration - due next year).
X79/LGA2011 socket just gives you Sandy Bridge-e and maybe Ivy Bridge-e (if and when it's released), but unless you need more than 6 cores or quad-channel memory (both irrelevant for gaming), go for Z77/LGA1155.
I have had good luck with both Asus and Gigabyte. Asrock has been impressive as of late as well, esp for the price.
I prefer ASUS and the LGA 2011 is great if you'll be doing any form of rendering. On the Gaming side the LGA 2011 is best suited for 3 or 4-WAY SLI/CF. However, the IB once combined with Z77 + PLX chipset also offers 3 or 4-WAY SLI/CF; ASUS examples: P8Z77-V PREMIUM, Maximus V EXTREME, P8Z77 WS.
Extreme Gamer's choose the SB-E/LGA 2011 in 3/4-WAY. The SB-E OC's to 4.6~5.0GHz+ and last I looked holds all of the Futuremark records. Clearly though, the i7-3770K doesn't suck by any stretch of the imagination. My solo issue with the IB CPU is it's temps - period.
As far as the future or IB-E I hate rumor mill guessing. What I've read is Q2 2013 with possibly an IB-E 8-core but the Haswell my further influence what's next, but I'm not a fanboy of the tri-gate transistors which is incorporated into both the Ivy Bridge, Ivy Bridge Extreme & Haswell CPU's.
it means if i go for Z77 chipset there is no upgrades available in future.
and if i go for the new chipset X79 then all the new future upgrades are open to me, for CPU for PCIe3 , etc...right..?
and if i go for X79 which CPU is the best to select.
Please remember that i'm looking for high end PC for graphics , gaming & development.
Thanks again all of you for your valuable comments
In either chipset if there's newer CPU's that are supported then there is an upgrade path and both support PCIe 3.0. The SB-E is the overall fastest CPU, but remember in most games there's often little to no benefits after 2-cores and in most games Hyper-Threading isn't supported i.e. no benefits.
The X79 has the edge for 3 to 4 GPU's with ultra high resolutions. The vast majority of Extreme Gamer's choose the X79/LGA 2011 platform and typically using the ASUS Rampage MOBO's with either an i7-3930K or i7-3960X. Personally I see only a tiny (L3 cache) benefit for the i7-3960X, but folks with big bucks still prefer the i7-3960X.
bottom line is it depends on your budget. if you can afford $1500 or above then the X79 set up is worth considering. if it is around $1200 then the Z77 set up is your most cost efficient option.
If you are not interested in 3/4 way SLI/Crossfire, than z77 is enough with i7 cpu. Z77 can handle 2 gpu easily.
About upgrade path, i agree with jaquith. But personally i think there will be no upgrade path for both chip. DDR 4 memory module will coming soon. Then there will new type cpu with new mobo chip. Both x79 and z77 will be obsolete.
i honestly think the z77asus would perform better, only cause its the 3820cpu, however, dont take anything away form the x79chip either it will definately do the job.
Like jaquith advised, the IB chip to produce abit of heat, but that can be manageable if you want to spend a little extra on better cooling, then u really dont feel the effects.
what you need to consider are the feature sets on the boards you are choosing, and, in all honesty, weather you want/need the very best of everything.
Things unfortunately, will become obsolete, so if you are looking to hold a board for a couple of years then getting a new one, i wouldnt be going all out.
However, they are both fine boards, both will do what you want them to - but i will go back to the feature set you wont so you can find what you need and no pay for an overpriced board where you want use half the things it comes with.
Which one should be better option 1 or 2
Option 1. i7 3820 + Asus P9X79_PRO
Option 2. i7 3770k + Asus P8Z77V_DELUXE
Thanks you all in advance for your valuable advise.