I just talked with Intel Tech Support though Chat... and according to them the issue of flickering during POST is common with couple of Video Cards. I will be glad if anyone with ATI Card can verify this for me. My Office has Nvidia with DX58SO and there seems to be no issue of Flickering during POST.
About the HDD LED Staying always on I'll double check tonight.
Am also convinced that the Flickering is ATI Cards behavior during POST with DX58SO
Anyways thanks for confirming the finding.
And for the HDD Light Staying on... I opened up the case and found that the HDD light was not always on, and it only binked when there is HDD activity. I misread the lights on my Case. I am using Coolermaster Elite 335 and both the Power LED and HDD LED are Blue in color. And because the Power LED is Brightly lit, it looked as if the HDD LED is on.
So, It seems that i never had any issue in the first place but was too paranoid after reading all the bad report/Complain about DX58SO on the net.
Its quite a relief knowing everything is normal.
Thanks "stumped" for verifying the ATI display with the BIOS.