for my new i5 3470, does the motherboard look descent at least? and as for the ram, it says (1866 (OC), 1600), so does that mean i can buy and install 1866 ram or just overclock the 1600 ram to 1866?
It's not great, but it'll do, and to your RAM question, if you want 1866 RAM, buy 1866 RAM. I wouldn't worry with trying to overclock 1600 RAM to 1866.
That said, there's no real reason to get 1866 RAM over 1600 (or trying to OC 1600 RAM to 1866). There's virtually zero performance difference between them. Only able to be seen in benchmarks, and even then, it's really not that impressive.
rarely heard a lot of people recommending a Biostar board, though Asrock however is a different story. build quality may not be top notch, common complaint being most of their cheap boards are thinner than others, but it does sell with some good customer review so that's something.
as for the board's memory compatibility, no other way to know than their product website;
while i have no doubt that some RAM model/serials that are not listed here may work, it's better safe than sorry. also double check it's CPU compatibility. some boards don't support certain CPUs without a BIOS update.