I bought the Asrock 4Coredual Sata II mobo and updated the Bios with the Trieber 2.13 I think it was.
I had some negative comments when I asked the exact same questiosn.
I had an old PC, didn't want to fork out a fortune, it was an old Gigabyte with an AMD Sempron 3300, 2gb of Corsair XMS Pro PC3500LL, and the HIS IceQ 3850 AGP. The Asrock would need a new CPU, but I could use my graphics, my ram , my IDE kit, PSU etc and due to it being DDR or DDRII and AGP or PCI-Ex4 it was a no brainer.
The Asrock board needed a bios update to utilise the E7400, but I ended up pairing it with an E5200. I have to say it worked very well, it was not a great overclocker, but fun to play with, I ended up adding 4gb of PC-6400, then a Sapphire Toxic 4870 1gb PCI-E card, and Windows 7 with a 640gb F1.
Most of this kit then got transfered to a new Gigabyte P-45 board, and as I upgraded the old unused kit ended up back on the Asrock, which ended up in an LC13 case as an HTPC.
For me it provided a nice easy carefull upgrade path that was not hard on the pocket, it is still sitting here, though unused.