The ASRock Z490 Phantom Gaming ITX/TB3 is a worthy successor to the Phantom Gaming ITX line. With an integrated I/O shield, the now classic Phantom Gaming aesthetic, and good connectivity, the ASRock Z490 Phantom Gaming ITX/TB3 is a compact power house.
Performance out of the box was good. Memory overclocking was decent as well, reaching 3900 MHz CL16 stable with my Trident Z Neo quad-channel kit. For CPU overclocking, I was able to achieve 5.3 GHz on all cores. The largest limitation to overclocking with Z490 is going to come down to dealing with the heat produced by the incredibly dense Intel Core i9-10900K. Still, the ASRock Z490 Phantom Gaming ITX/TB3 performed as well as any board I have tested, and that's no small feat.
When it comes to VRM thermals, the ASRock Z490 Phantom Gaming ITX/TB3 also did well. Additionally, the VRM fans stayed quiet throughout testing. Active VRM cooling might be a turn-off for some, but it is flexible and has more than enough thermal headroom to be tuned to your liking.
The ASRock Z490 Phantom Gaming ITX/TB3 is a solid board with good aesthetics, performance, and overclocking. If you are shopping for an ITX Z490 board, the ASRock Z490 Phantom Gaming ITX/TB3 is a great choice.