I always thought Gigabyte were american.. but i guess i figured that from the arrogance and stupidity..

I would not say gigabyte said the picture of the caps were an asus board, but I do think they were over the top on that presentation, just because the capacitors might not be japanese doesn't mean they are necessarily bad, nor some guarantee they'll explode, I thought that part was not fitting their original point about the false claims about the EPU efficiency 
See for yourself:
http://www.tomshardware.com/gallery/Asus-Gigabyte-Comparison-8,0101-102664-0-2-3-0-jpg-.html

Asus is one of the biggest motherboard manufacturer in the world, some people had bad experience on its products, actually it is normal. What we need to consider is the bad rate but not the bad quantity. Not only myself, but also my relatives mostly use its products. We will still stick with ASUS.

In this war, Gigybyte seems to be childish.
The newest ASUS Public Statement is here:
http://www.asus.com/news_show.aspx?id=11400

ASUS says that:" Gigabyte misused a photograph with blown-up (exploded) capacitors and led the audience to believe it was an ASUS product to support its false allegations that ASUS uses questionable quality components. However, the image was found to be taken from a photograph of a VGA card manufactured by another vendor. The action of misrepresenting a third party product to be an ASUS product is truly defamatory and clearly outside the realm of decent competition."
Oh, how do Gigabyte dare to do this?

baaahhh!...MSI FTW :P

While I really liked the quality fo Asus boards, I have to revoke my thoughts about them lately. The boards are getting far too hot and a friend had a recent one with sparks comming of it as well, so I think the picture with the condensator isn't too far fetched.

The boards I was using became so hot around the CPU that the CPU cooler would go nuts to try to get rid of the hot air and neither the PSU fan nor the 4(!!) case fans could help to calm down the unhandy hair dryer. Probably Gigabyte just dared to open the eyes of the customers.

That said: the Gigabyte boards are not working flawless as well - just better and I wish technology companies would go back to the drawing board and produce acceptable products rather than spending too much money on their marketing department!