My CPU is pretty much made to be overclocked (to an extent), provided there is sufficient cooling. I currently just use a halfway decent air cooler for it, but I'm thinking about picking up the H80i, which should fit nicely in my case.
To not OC this CPU at least a little, say to 4.2GHz, is really just a waste of its potential. Again, if given sufficient cooling, and otherwise staying within safe limits, such as keeping the VCore low enough. My CPU can reach 4.2GHz (from a stock turbo speed of 3.8GHz) without even needing to raise the Vcore over stock settings, but for added confidence in reliability at that clock rate, I raise it 0.025V to 1.250V. Up to 1.4V for this CPU is generally considered safe for a 24/7 OC.
I crunch for scientific and humanitarian research on it and my GPUs dynamically in the background pretty much 24/7 and have been for over a year now, so every little bit extra helps in that effort.
But like I was saying though, in my case at least, there is no reason to not overclock the CPU. The way I have it set up, it even automatically clocks itself down to 1.2GHz with a Vcore of 0.8V, when not being loaded much.
However, I would agree that "excessive" overclocking that can put your CPU or system at risk is pretty much just for bragging rights.