Overclocing used to be big back in the 300MHZ days, but now it's a complete waste of time. CPU's over 2.0GHZ are dirt cheap these days, and if you can show me any consumer grade app that requires 2GHZ or more to run, I'll be impressed.
For bragging rights maybe. I've overclocked a 1.2GHZ T-Bird to 1.8GHZ before without breaking a sweat, but it's not worth the trouble these days. Software hasn't even come close to approaching hardware development.
The only reason I see for overclocking these days is to prove how big your cojones are. If all your care about is benchmark numbers, then fly at it but don't come running to me when you start smelling something funny coming from your case.