I currently have the ASRock H81-HDS in mind but if you all would recommend something else i'm open to suggestions.
The z97M Extreme4 from AsRock is good.
Is there anything particularly special about the OC Formula board?
Not really. The OC board has a few more overclocking features...and it's yellow. For all intents and purposes, get whichever color you like. Extreme is blue, Fatal1ty is red, and OC is yellow.