i am currently buildning a new box also, so i've been keeping an eye on MB reviews.

My money is on the Soyo P4i Fire Dragon. It is a socket 478. The board is loaded in every aspect.
Downside: No USB 2.0
BUT! It has 2 firewire (internal/external)

My very respectable system runs $900 excluding keyboard/monitor (which i assume your friend has). P4 2.0gig, 120gig HD and and and and....

hope that helped.