The problem with motherboards is people often don't understand what makes a good or bad motherboard. They plug it in, it works, they rave it's an awesome board. Furthermore, most people never come close to truly stressing their board. Which is fine and dandy, but a board like an Asrock Pro3 is going to die a lot sooner than a higher quality board with better parts.
Also, MSI was a total train wreck on Z77. They dont have any offset voltage control, meaning that they are useless for 24/7 overclocks, where you want to use power saving features for your chip to downclock when it's idle/low load, which will be the majority of the day.
Even for an air overclock, a motherboard can get quite hot. Basically, the VRM is the heart of the motherboard. The VRM is literally a power supply for your CPU. It converts the 12v power from the PSU (which converted the 115v power from the wall to 12v/7v/5v/3.3v) to your CPU voltage, ie .9-1.6v. The lower quality the VRM, the less efficient it is and more of the power that is drawn, is wasted, thus it draws more power (a lot like the efficiency rating of a PSU, ie a 560w psu may draw 700w from the wall with 80% efficiency). This wasted power comes off as heat. And VRMs on lower quality boards, get hot - as in, they will get hotter than the CPU, and often be the limiting factor in an overclock.
You really should try to spend the extra money, and go for a Gigabyte Z77-D3H for the cheapest board possible on Z77. But a Z77X-D3H or Z77X-UD3H are worth extra money if you like overclocking and got it.
For a budget board, Biostar has an okay offering at the Biostar TZ77EX4, it's got a decent digital VRM (asrock and msi are analogue).
Asrock really is bad on Z77. Analogue VRM, extremely low quality mosfets with no low rds on and run very inefficiently, they used D-PAKs, and they are extremely generous in their voltage read-outs (hence, a lot of terrible review sites, like anandtech, raved about asrock on z77 because they supposedly did same overclock but on .06v less than every other board, turned out it was just lying about the voltage). Not worth the slight reduction in price. Extreme4 was a terrible board, as were the Pro series, and anyone recommending asrock on z77 say that because they have no clue what they are talking about and never used any other board.
edit:
http://www.newegg.com/Product/Product.aspx?Item=N82E16813128546
Z77X-UD3H
For just $29 more than your budget, you can literally get one of the best motherboards on all of Z77. It has the same featureset as high end Asus boards - really good at RAM overclocking, extremely high quality VRM, voltage read-out points, overclock buttons, dual bios. This board has been used to reach 7ghz+ ivy bridge overclock world records on LN2. It'll handle any overclock, it'll stay cool on 1.6v on the chip (if your heatsink can handle that!). A very solid board. Definitely worth the extra price. It's higher quality than the extreme4 by miles, similar quality to the extreme6, and better than any msi board by far.
There's a reason it's the most popular z77 board amongst people who know what they are doing.