As we're seeing on most ASUS boards these days, the Crosshair V Formula uses a fancy UEFI BIOS. While not the first screen you'll see when you enter the BIOS, the board does offer EZ Mode from the top right corner.
Normally when you go into the BIOS you'll find yourself greeted by the Extreme Tweaker menu. Doing the extreme name justice, you'll find an absolute bucket load of options under this section which will help you do everything you'd possibly want when it comes to overclocking the board.
Throughout there's even more sub sections that let you control the boards power properties and adjust the timings on the RAM. Of course, you can also use the mouse if you want as that's indeed a feature, but I think most will find themselves sticking to the trusty keyboard.
Moving through the rest of the BIOS, there's not going to be much that really will surprise you with advanced options for your CPU, monitoring information, boot order and the ability to save your BIOS via profiles or setup the "GO Button" file. Within the final tool area, though, you'll be able to access ASUS EZ Flash 2 utility which gives you the ability to flash the motherboards BIOS with ease.
As long as you have the BIOS handy, you're able to quickly fire EZ Flash 2 up and get the latest BIOS installed with ease. Long gone are the days of having to mess around with DOS and crossing your fingers you've put the right parameters in when doing a flash.