Like the title says, this is about the latest BIOS version available for the MSI Z77A-G45. I just updated the BIOS and had to share how much I've been enjoying the new feature that allows both a discrete video card and the integrated graphics controller to be used simultaneously. From previous experience, this feature is not available on the vast majority of mobos (I could be wrong). It's pretty nice to see it on an affordable mid-range product. The BIOS settings allow the integrated graphics to share up to 256MB of memory with the system. My system is now a dual monitor setup with each monitor having it's own graphics controller.
I will say that this feature is particularly valuable if you are using a newish nVidia card (GTX460 in my case) and running multiple monitors. I don't know enough to say anything about ATI cards. In dual monitor mode, the nVidia card is always at it's full 3D settings (P0 power state). This causes the card to draw more power and run about 8-12 degrees hotter at idle or while running processes that don't require the card's full power. Now that the card only powers one monitor, it can clock itself down to the P8 and P12 power states. These power states are for video and general use, respectively.
I've also noticed a slight improvement in boot time in the tune of ~0.2-0.5 seconds (I checked through the BIOS time readout in the Windows 8 Task Manager). I know it's a small improvement, but it isn't a fluke. The times are consistently faster.
As far as OC settings go, I would personally recommend using the enhanced turbo function in conjunction with ECO mode. It is essentially an overclock to 3.8GHz (i5-3570k) at 1.112v with the ability to clock down to 1.6GHz at idle or low loads. So I lied. It isn't really an OC setting. I like it because it saves power and runs cooler, but I still have that extra power should I need it. From what I understand, this feature allows all cores to sustain the maximum turbo boost frequency, which is not possible with just turbo boost enabled.
In any case, get this update immediately if you have this motherboard. Use the Live Update application and the Total Installer function and you can flash the BIOS with Windows running. However, you must install Winki prior to attempting this.
My system specs for reference: MSI Z77A-G45, i5-3570k, Patriot G2 1600MHz 2x4GB, EVGA GTX460v2, Intel 330 Series SSD 60GB.