Nope. You really don't need to get a $400 board - Thought they do have something in them. The features and all are absolutely mindblowing. I use a Maximus V Extreme and it's undoubtedly the BEST board I have ever used/tested.
But anyway, you can get something like a P8Z77 V-PRO which is more than enough. All those high end 400-500$ boards are for extreme enthusiast. Say for example - The Maximus V Extreme is for Extreme Overclocking and Craaaaazzyyy graphics (Allows 4 graphic cards SLI/CrossFireX), the Maximus V Formula is for Extreme Gaming (Amazing sound).
But, honestly, a P8Z77 V-PRO or a Gigabyte Z77X-UD5H is all you need unless you're an super-enthusiast and want the best of the best.
I highly recommend you go for a P8Z77 V-PRO or the UD5H if you want to go mid-range.
If you wanna go high, and if you're fine spending 40$ more - Get the Maximus V Formula. It's AMAZING. The second best I've used. It's got everything that the Extreme have (Other than 4 graphic cards capability) - With better audio - Great overclocking ability - EVERYTHING.
The formula is simply mind-blowing for its $279 price tag -
http://www.newegg.com/Product/Product.aspx?Item=N82E16813131854