no there is no NF200 on the UD5 but it does have the heatsink.
The extra phases have always been a gimmick if you think about it that way. other than the fact that the extra phases help stabilize the voltage when going for high clocks and that they can put out more amps more efficiently then yea you can call it a gimmick. as the power output increases from the Driver MOSFETs the efficiency decreases and temperature increase. Also the fact that the extra phases are better for stability on the long run yea then its also a gimmick. The truth is no platform needs 12phases let alone 24 phases or 20 to operate and Overclock. The amount of strain put on the phases is a different story, in the long run a board with more phases will be able to handle higher voltages much better. Transient response is not affected by the extra phases because of the fact that the PWM on all GB P67 board is a 6 channel PWM so on the UD7 you have 4 phases per channel, and on the UD4/ud3/ud3r/ud3p you have 2. Also the UD7 has 24 phases for the cpu(vcc/vcore) and 4 other phases for the cpu uncore(now its actually called system agent)(system agent voltage(vccsa) and vccio(qpi/vtt). The uncore power on the UD5 and UD7 is powered by a second PWM a two channel one that is doubled up to 4 phases. You pay for what you get. on teh UD5 i believe you have 20 for vcc and 4 extra for uncore as right next to the NF200 heatsink on the UD7 that small 4 phases vrm lies, its also there on the UD5 but there is no NF200.
One other thing MSI boards use renesas driver MOSFETs now, their power output is 40amps which is very good, the ones on all gigabyte boards with driver MOSFETs are made by vishay and they output 35amps continuously, so the phases on the UD4 and the MSI boards all basically equal in performance as far as switching frequency goes as well.
I would just go with the UD4 if you don't plan on SLI. 3 way SLI i would go with the UD7 it has some excellent SLI performance, the NF200's latency issues don't really come into play because of the quickness of the internal PCI-E controller opposed to external on on the X58 IOH.
The UD4 also only has one option for LLC, the UD5 and UD7 have two levels, level1 and level2.