Yes, it supports just about every single Intel CPU there is.
The less expensice 650i chipset, supports only 18 PCI Express lanes, compared to 46 PCI Express lanes found in the newer 680i chipset. But don't be alarmed by it as it is still able to power dual GeForce 8800 GTX cards. The 650i also misses out on 1333MHz FSB support, 1200MHz EPP memory support, four instead of six SATA 3 Gb/s ports, and the third PCIe x16 expansion slot for a physics card. The 650i supports a single Gigabit LAN connection versus 680i's dual Gigabit.
The Nvidia LinkBoost technology in the 680i increases PCI Express and MCP HyperTransport buses by 25%, which in turn pumps the interconnect bandwidth from 8GB/s to 10GB/s. Both PCI Express x16 slots in SLI mode will operate at full speed when using two graphics cards. This is not a feature offered in the nForce 650i SLI chipset, which is limited to PCI Express x8 speeds when running two cards in SLI.