MSI has been putting out some really nice products lately, I'd definitely consider them to be up there with ASUS and Gigabyte in terms of features and quality.
Hmmm... I dunno how late it is lately, but I have two MSI board right now, both IGP (GeForce 9300 and 785G) and not so old: BIOS always carefully undocumented as any big manufacturer, their Cell menu has often failed to accomplish any OC, their memory performances leave a lot to be desired, and their fan controllers are inadequate.
I still have an "infamous" DFI IGP which I withdraw from service last spring (after dealing with their a bit overrated support service): with all its weaks it's still more probably that not overall preferable over those MSI.
I still also have in service an Abit P35 and a DFI P965: wonderful critters to this day, still smell like new.
Which 785G board? The E65 version? I always thought that one looked really nice, but haven't used one personally. It varies from board to board I'm sure, a top dollar Gigabyte board is probably better than a budget MSI, but my current MSI has more fan control options than my old Gigabyte. The MSI has target temperature for the CPU fan control, whereas the Gigabyte didn't have any way to adjust the PWM profile, and the profile Gigabyte used was way to aggressive, ramped the fan up a lot faster than necessary. Even my budget ASRock motherboard I bought four years ago supported this, you had a couple different PWM profiles to choose from for the CPU fan controller (quiet, performance, options like that). Also, a lot of MSI boards have the active phase switching, which seems to reduce idle power consumption. SPCR reviewed a handful of 785G boards including the 785GM-E65 and it was the most power efficient, thanks to active phase switching I'd assume. I think ASUS and Gigabyte offer a feature similar to active phase switching, but it requires you to use software in Windows to take advantage of this, whereas the MSI stuff is all done in hardware and is OS independent.
Plus MSI sells those high end boards with all tantalum caps (super, super high quality, no other motherboard maker offers this AFAIK), their Lightning and Hawk video cards come with high quality components, good coolers, and ability to tweak voltage. etc.
I dunno, I think they have a lot of really nice and innovative products, and I think over the next couple years Gigabyte will fall out of favor among enthusiasts and MSI will step up and take their place (and ASUS will just continue to make nice products like they have for the last couple decades). Just my $0.02, though.