Yep 703\704m are very sweet BIOSes, and IMO the least bugged. Fan speeds still work as they should when enabling Q-Fan (al later BIOS versions its broken, fan speed stays the same nomatter what Q-Fan profile you choose) and most importantly, no CPU M-E! As for the PL, my system with 1200MHz+ mem frequency will boot with a PL of 6

Oh yeah and if you can email me that modded TPower BIOS I'll start having another look at things with it, got a little free time to spare on it atm.
Nope, only the P5Q and P5Q Pro have a 1501 BIOS so far, I guess asus realised the "lower" highend boards are actually better than the supposed higher class P5Q series boards

Like anything, the more complex something is made the higher the failure rate, and from what I've seen theres been A LOT of -E and Deluxe RMAs but RMAs fro the non Pros, Pros and Premiums RMAs are practically unheard of.
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