It's one of the cheapest Z77 mainboards, so don't expect miracles. Maybe go with a z77-g43 or g45 if the low price is most important.
I would recommend Asrock z77 Extreme4, but you can consider the Extreme3 too.

All of them should be capable of 4.2GHz OC, provided you don't install 4 modules of high voltage RAM.

Between the g43 and g45 and the extreme 3 which one would you go for?

Would the g41 be able to handle something higher later on like 4.5-4.7?

Likely only 2x4gb of 1600mhz, maybe more in future
I agree with Bejusek I have an Asrock z77 Extreme 4 and although the first one had 1155 socket problems the second one worked just fine. I tried a gigabyte and an MSI board after my first Asrock z77 Extreme 4 was DOA but they did not work correctly in my configuration. the Asrock z77 Extreme 4 works just fine.

Out of curiosity which ones did you use?

I'll take a look at the Extreme 3 and 4 then

Is the Asrock Pro3 good?


Asrock Z77 Extreme 4 is a very solid motherboard on par with higher models from Asus and Gigabyte. It has the highest model of realtek audio chip while many of competition are still using an older version. As mentioned above it's a way to go for proper overclocking.

Pro3, g41,43 are mainboards with weak cpu power delivering sections (limited phases etc) and can't really be recommended for OC. It's difficult to estimate the OC potential of those boards, especially when it depends on what CPU itself. You haven't mentioned what CPU you are going to OC, I'm guessing 3570k, and for 4.7GHz you need a board with good components. It may be possible that g41 or pro3 will let you OC to 4.5Ghz, but what if it fails after two months or so, because some components were not able to handle the increased stress any longer and simply burned?

Extreme3 is a little better, but still it's power section and electronic components used are worse than those on the extreme4.