I looked at the Gigabyte board and the Abit board mentioned above when I built my system. I ended up going pretty high end on my Mobo (EVGA 780i... great board but expensive). Had I decided not to go with the board I got I probably would have bought the Abit although I also looked at some other Gigabyte boards in your price range ($100-150) and there are some nice options there. These are all Intel P-35 chipset boards.
As someone already mentioned, if you want to go SLI in the future, you'll need an NVidea chipset, and if you want to go ATI Crossfire, you'll need an Intel X-38 chipset but odds are you'll never need to go SLI or Crossfire.
I originally recommended the board I did as you mentioned you were on a buget and it's a nice board for a buget build but still pretty future-proof
One thing to note with the Gigabyte boards (or any boards for that matter) is that you should visit their web-sites to check the compatible memory list before buying your memory. The list is pretty specific with the Gigabyte boards.
The 775 socket fits all the new Intel dual and quad core processors. No options there if you want an Intel CPU. The Core2Extreme processors have larger L2 caches (and probably higher internal clock speeds) than the Core2Duos but are WAY expensive. The E8400 Wolfdale Core2Duo (3.0 Gig) is nearly on par with the lower end Core2Extremes and Quad Cores but the Allendales and Conroes are fast, stable, overclock well and represent good bang for the buck if you don't have the extra cash for the E8400. I bought the E6750 Conroe (2.66 Gig) and it's been great. Go to Tomshardware.com and check out the processor performance charts.
As mentioned above, choose your processor first (or at least the family), then build around it.
[EDIT] I forgot to mention, make sure that whatever board you buy has the slots you need for whatever add-in cards you need to install, and that it has the ports that you need for your peripherals.
Two things to consider for the future; DDR3 RAM will one day come along but prices are currently quite high and with the current saturation of DDR2 RAM you should be OK for several years before you'll need to change.
The other consideration is PCIe x16 slots. PCIe x16 2.0 is quickly becoming the standard although current video cards don't fully utilize the added bandwidth and the only boards with the 2.0 slots support either ATI Crossfire or SLI, thus have multiple slots you may never use. If you do decide this is important, then also consider the bandwidth for the available slots. Few will run both (or all) slots at full x16 bandwidth. Many run at x16/x8 or x8/x8 in SLI (or Crossfire) configurations.
If I were building on a budget, I wouldn't worry about either of these things at this time.