I've always gone with mobos without on-board graphics... having upgraded once or twice, I have a couple of spares for if/when my main card fails. Having said that, (touch wood) I've never had a card fail.
If you ensure proper installation, adequate cooling and keep your drivers up to date, it's not likely you'll experience a GPU failure... it's rare, though keeping a spare (affordable and low-end will do) is a good idea, just in case.
And this....
Why pay for something you probably will never use (on-board graphics)? Besides on-board typically shares your RAM. Better to have the dedicated memory on the video card.
... a dedicated graphics card with its own memory performs better and does not drain system resources anywhere near as much. The imporatant thing, however, is to ensure your power suppy is more than capable... putting a higher-end graphics card with an under-powered PSU can fry your entire system.
