I'd like to share my success story of installing Mountain Lion 10.8.2 on this incredibly cheap but powerful motherboard. I have installed an Intel i7 processor on it and 4GB of RAM. Additionally, I installed an Nvidia 9500 GT graphics card.
Installing OSX 10.8
First off, you need to install Mountain Lion, there are plenty of guides but I used 2 that were really similar and both helpful:
The important thing to note here is that you must remember to copy FakeSMC.kext and AppleACPIPowerManagement.kext into the installation target drive after installation is complete, and any other kexts you may have added to the installation USB drive (I added PS2 drivers since I still use a PS2 keyboard) Additionally, you may want to copy over your SMBios.plist file to the installation partition.
Boot up your installation via your USB drive (select the partition you installed OSX onto) and remember Verbose mode (-v cmd argument). It should be flawless if you copied over the kexts after the installation.
However, there are some missing drivers preventing everything built-in to the mainboard from working, such as Ethernet, Audio, and the PS2 controller.
Built in PS2 Controller
If your mouse and keyboard connect via USB, you can skip this. To use the PS2 jacks for keyboard and mouse built-in to the motherboard, attached are 2 kexts, ApplePS2Controller.kext and AppleACPIPS2Nub.kext from 10.7. You may want to copy them over also to the installation USB so you'll have a keyboard there.
Built-In Ethernet - Realtek PCIe GBE
Lucky for us, Realtek actually provided a driver for OSX 10.7, it is a .mpkg installer and it's attached. It works flawlessly with 10.8.2.
Built-in Audio - Realtek ALC887
This one was a bit tough - I tried many combinations of kexts to get the ALC887 working without DSDT, and finally 2 kexts from MB made everything work flawlessly... HD sound, front input working and no clicking or static noise! Attached are AppleHDA.kext and HDAEnabler.kext for ALC887.
Honestly, I didn't even try, and I doubt OSX 10.8 even supports it. I am using an Nvidia 9500 GT card and it actually works right out of the box with QE/CI and dual monitor support, just by using GraphicsEnabler=Yes
Update to OSX 10.8.3 via App Store
Whoopsy. The system no longer boots and a verbose log indicates that it just hangs after the initialization, no kernel panic or strange error whatsoever. Many people suggest to disable VT-D in the bios (Intel Virtualization Technology), in our case it's disabled by default so that doesn't help. Fortunately using the AppleACPIPlatform.kext from 10.8.0 release fixes this issue, it's attached. If you find a better way than to use an outdated kext, let me know!
Attachments: Please install the kexts according to the attachment structure: /Extra/Extensions to the corresponding folder on your partition, and the same for S/L/E. (/System/Library/Extensions). Please remember to use a tool like Kext Wizard to install these for you!
Enjoy your fully-functional installation of Mountain Lion 10.8.2!