That MB handle my processor?
It will swallow any LGA1155 CPU - Z77 is the chipset successor to Z68.
The feature gains vs. Z68 were merely one reason for the surge in popularity in Z77, and not even the biggest one - the larger reason was that Z77, feature gains and all, cost no more than Z68, could be a direct swap in Z68-based motherboard designs (in ASUS' own case, the P8Z77V-LX/LK were based on the same PCBs as their Z68 predecessors), and thus could be crossgrades from even P67 without costing a mint.
Before the remarkably sane (in terms of launch pricing) arrival of Haswell, I had originally planned on Sandy Bridge/Ivy Bridge (Z68 or Z77 chipsets, respectively) - letting bang for buck decide motherboard/CPU pairing, as both use the same LGA -- as was the case with Kentsfield/Yorkfield in LGA775. However, due to issues outside of the motherboard (software, basically), Kentsfield remained viable far longer than expected - despite age AND dead-socket liabilities. (The biggest dead-socket liability is that this particular motherboard only takes DDR2.)