No good news on the boot-up issue, I got my reply from Gigabyte Support, advising me to check CPU/Ram seating and do a full cmos reset etc.
I have already tried these with no success, They also suggest I return my board to the supplier to see if they can duplicate the problem.
In the meantime I decided to do some overclocking, just to see what the system is capable of and to see if I can "break" something.
Well apart from the above, I am mighty impressed with the system - did a lazy O/C to 4052ghz, just raised vcore to 1.268, qpi/vtt to 1.275, vdimm to 1.6 and using 176x23 - easy stable 4ghz system.
Based on this, I am reluctant to go through the whole issue of returning my hadware back to the shop, as I am not sure it can be resolved without swapping MB/CPU/Ram. I any case if the board was faulty, I am not sure it would work this well.
I am willing to wait for a future bios update that my resolve the issue, in the meantime I am having some fun tweaking my new toy.
Cheers