Yeah, and exchanging it for a different board is pretty much out of the question. ZZF has a 15% restocking fee, so after sending it back and buying another board I'd probably be out $50. That's a decent chunk of my profit.
After looking at some benchmarks to make me feel better I think I'm just going to leave it. He'll have a stable, solid system that will take a quad core if he ever wants to beef it up a bit. He almost bought an $850 system at wal-mart with a 1.8Ghz Phenom x4, 7Gb of ram and integrated HD3200 graphics at wal-mart so regardless of the relatively low clockspeed of the CPU he's getting an amazing deal on this system for around a grand. Heck I even made sure to get a Dell 22" 1080P screen so he'd have a 3 year warranty and I preordered Windows 7 for him.
EDIT: This system has a 4870 1Gb and is intended for gaming... that's the main reason I was so miffed about the lack of overclocking.