I trend to agree that over a certain number of VREG, there are not much difference, never the less, in cornet case , adding voltage source and current source in parrallel (as explain in Norton theorem (
http://en.wikipedia.org/wiki/Norton's_theorem or Thévenin for the hell of it :) ) , there is a benefit when the work load is heavier ... In the case of overclocking, it will cause more stable current when you are pulling hard on it.
It can cause some current rush too, so, it is an interesting trade between cost and perfection.
When you look at what overclocking is about, it is about making hundreds millions of transistors pulsing faster than their specs, having a more stable VCC is a plus ... it is hard to do the science behind this, but a variation of few mV during a massive pull of 200W can cause transistors to stop reconizing the same switching point over the dice, due to electric propagation. This is how multiphase actually help.
If you want to check the minimum Phare required, it is fairly simple, remove them one per one, and run at 4.4Ghz ... you will discover than under a certain number, the VREG warm up, start ocillating, and cause crashed ... I did this study on Skulltrail ... I havr no data for P55.