Yes and no. Yes, you can drop a more powerful graphics card someday in it and it will be fine. The graphics card is what matters most for gaming.
As far as cpu, cpu upgrades are limited. This will always be the case because new cpu's release with new socket sets, usually. The performance difference between the i5-4460 and say and i7-4790k is not that much in most games. Most games being released use the graphics card more than the cpu.
The asus motherboard supports 4 ram slots, and 2 graphics cards (AMD). Which is good for possible upgrades. Actually the z87 Asus board supports overclocking so a K processor later is a possibility.
Check out this video
https://www.youtube.com/watch?v=Dbq5LNYgMJM
Gives you some idea how little...