No it does not just come up and say ah hah do you want enter Safe Mode? My CHV-Z and I guess other Asus boards are using the F8 key to go to boot to what drive menu which IS ALSO the key to press enter M$ boot area where you can choose boot to Safe Mode. It is really tricky but you can still use F8 key to make a choice to go to Safe Mode but you have to be quick and ready to hit F8 key just about the time you know the last bios boot screen is fixing to disappear and it would go onto boot into windows. I said it is "tricky" and not easy to get to the place where pressing F8 will allow for choosing boot to Safe Mode. Got to get that F8 key just right not to soon or not too late.
RGone...
EDIT:
Maybe an easier way without having to touch the F8 key at the 'exact' time. (which I use).
Might try from Asus VIP forums:
How exactly do I get into safe mode? I have tried f8 at boot up, after the Asus screen, before during and after the windows splash screen. this is driving me crazy. I got the live security virus and need to get into safe mode.
If you press F5 after the beep you get a screen that gives you the option to boot the operating system and the option to press F8 for advanced options which gives you the safe mode etc.
END EDIT.