What about the check box your talking about? Do i need to uncheck them or check them?
Load CMOS default after BIOS update: This will clear all your BIOS settings when checked.
Clear DMI data pool: I have no idea... I guess it's for fixing a problem in the case there is a problem that occurs after a successful BIOS update was performed.
I leave both unchecked. It could however cause a problem if a setting in the BIOS was updated to changed. So, if you have nothing special on your BIOS, then you don't care about the check mark, a quick BIOS visit to set your HDD controller back to AHCI (or wtv it was), and check your RAM settings and your done. If you overclock or under-voted something, then it might be best not to do this for convenience, but be sure to write everything down before updating the BIOS in the case you'll need to re-do it with the box checked as your system doesn't work correctly anymore.
Is there any saftey on these motherboards where if the bios is bad it reverts to the old bios?
Select motherboard model from Gigabyte feature a dual BIOS, where if the BIOS update fails, it can restore it to factory BIOS. If it fails, then you might be able to redo it with a floppy drive and diskette or CD if the BIOS supports CD's (your motherboard CD should have a BIOS backup on it). If you can't do this, as in, your BIOS is really screwed up, then a call to Gigabyte is needed for a possible RMA or repair.