Quite simply, we believe any voltage over 1.45V is asking for trouble with 45nm processors and our conversations with Intel to date have all but confirmed our suspicions.
- Anandtech Article

The article also talks about Degradation and Warranties and how this affects a product life cycle. The important thing is the cross relationship between high temperatures and high voltage over long periods of time.

On the other hand, perhaps precautions will be taken in order to accommodate the higher voltages like the use of water-cooling or phase-change cooling. In any case, the underlying principles are the same - overclocking is never without risk. And just like life, taking calculated risks can sometimes be the right choice.
- Anandtech Article

Great article, only thing it lacked was ANY mention of how FSB Termination Voltage effects overclock stability, degradation, etc...Seems no one wants to be very forthcoming with 45nm Fabs and FSB Term(VTT) voltages differences from 65nm Fabs.

What I'm taking away from this article:
By Overclocking, there is a risk I could damage my 45nm CPU, but by Watercooling it now becomes a calculated risk because the cooling properties of Water have reduced my risk of damaging my CPU with high voltage and temps compared to those who choose Aircooling methods and use exceedingly higher voltage values and temps to achieve the same results.