I just went through this with an Asus Sabertooth X58 motherboard. Both CPU and RAM LEDs were indicating errors with brand new hardware. Went and got an EVGA X58 board and the exact same hardware is rock solid.

Ditto on the bent pins thing. Read the Newegg/amazon reviews on any mobo you buy and watch the lowest ratings for common stories like that. If I'd have done my research on the Sabertooth, I'd not have touched it with a 10 foot pole.