hmm.. so u still awake..lol.i knw the core i7 mania keeps us all awake..
1.) yup it can handle gtx295 ofcourse it can.. (cant say abt SLi setup i.e 2 x gtx295 or any gpu for that matter)
MSi has released this motherboard with careful understanding and nice thinking...
2.) gtx295 as a b'day present, well it all sepends, most boys want their gf's to be with them but for me i want my tech toys and especially my core i7 rig with me all the time..lol..


on a serious note,
"if u hv the cash to blow, then gtx295 is for u bro" as of now, gtx295 pawns all other cards (not talking abt a single gtx295 vs SLi, please)..
3.) MSi ---> 3.5 and UD5 ---> 4 (based on stability of gigabyte mobos, less failure rate and its price to performance ratio).. i knw the MSi X58 was badly criticised way back wen it was released but this new mobo from MSi looks promising, but if u were to ask me abt mobo, then i wud tell u go for UD5..

(u are not into OCing are u..??)
4.) Samsung 2233SW at Rs.10.2K is a fullHD (1920 x 1080) LCD but its NOT with HDMI..
other options wud be these:
(b.) viewsonic vx2433wm 24" @ Rs. 13,000
(c.) BenQ E2200 HD
5.) 7200gs vs. gtx295..?? lol. its like comparing Indian Football team with Brazil... i mena naa, nothing comes close to beating the gtx295, so tell ur uncle (will all respect from my side too..) that he is better off with collecting PC antiqes..


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Cheers n e-peace...