I would go for the server board as well for two resons. First the the nic chipset on the server board supports Intel's MDq / SR-IOV Virtualization technology which enables higher throughput, and reduces CPU overhead for network processing.
Second, and most important is that this motherboard is closer to what is on the HCL list. The Asustek sever RS700-E7 is on the ESXi HCL for ESXi 5.0 and 5.0U1, which uses the Z9PP-D24 motherboard (and the Intel® C602-A PCH chipset - same as the Z9PE-D16).
Now if it where me, I would be selecting the Z9PP-D24 motherboard, as it is exactly what is on the HCL.