I have the P4PE motherboard with the same problem. I updated the bios but that has not helped at all. Have to reboot over and over again and if I am lucky the vga test goes away once for every 50 or more tries. The system is unusable. How can you use a computer when the video card and monitor do not work because of the motherboard?
Asus has been known for quality motherboards but it seems they are taking a dive lately. I see no solution to this problem other than returning the motherboard which will be a hassle as the problem went away when it was new but now it is back with a vengance.