ASRocks higher end stuff seems to be pretty solid granted i have no statistics on brand fail rate.
A few years back ASRock seemed to be fairly shunned by the enthusiast community, but today they seem more of a player in the higher end segment then they used to be. Granted, the lean is still towards brands like Asus, EVGA, Gigabyte and even MSI in the higher end segment, but overall the higher end boards from ASRock do seem like a good choice. The ASRock OC Formula looks like a very top quality board, so i wouldn't worry. If it has the feature sets you want, i'd go for it.
Motherboards are like the one of the most things that comes DOA, not just asrock but every brand.
I find the asrock brand nowadays really a good one and reliable and that mobo z77 formula oc is in my opinions one of the best boards for overclocking.
It can compete with higher priced boards like the asus or gigabyte.
I haven't had any problems with my Asrock motherboard and same goes for my roommates Z77 Extreme 3. Every manufacturer has bad apples or a series that maybe gets shipped out a little too early. But in no way can you call them unreliable.
I havn't has any problems with any ASRock boards, Im currently on an ASRock 970 Exreme3 with an Phenom II x6 1100T at 4.2ghz, Couldn't get that OC on my last DFI 790FX board as even 4ghz was kinda funny. My Uncle is using an ASRock 870 Extreme3 and the family PC has an older ASRock 770 board, Didn't know I had that much ASRocks in this place, Well either way they all work great and are cheap, havn't had 1 problem with either 1 of them.
I did just Order a ASrock Fatal1ty 990FX Professional On newegg so I could run my crossfire at x16/x16 instead of x16/x4.