I was just doing some benchmarks at 950 core (my highest yet!), haven't tried the RAM at all yet (XFX Black Edition 5850 with stock 765/1125 clocks - reference design).
CCC only gives me headroom to 775 core, and it's no surprise that I don't need any extra voltage for that.
However, no worries going well beyond that with Afterburner if you do the unlocked clocks trick (I don't have the link handy but it has been discussed on here plenty, can always dig it up for you if required).
I am discovering that I seem very CPU bound generally (Q6600 using the ASUS EPU-6 motherboard app to automatically clicks me up to 2.7Ghz under load), but was playing with Serious Sam 2 and in the most intensive of the stock demos and running 24xAA (edge detect and Adaptive MSAA) (Greenwood demo), I went from 61.8 average fps to 72.2 average fps between 775 core and 950 core
Other apps seem considerably less sensitive (haven't had time to get fully used to the GPU horsepower and experiment with sky-high AA settings for most games), and usually when I check my CPU usage afterwards I am pegged to 100% on a core. My quad will happily do 3.4Ghz at not much over stock voltage, I just don't like running it at that 24/7 as I really don't need it...but maybe I should
Although, to be fair, since I haven't touched the RAM yet I could also be memory bandwidth bound...so that's not my final conclusion by any means.
That said, I need to tiptoe over 1.2v for the 5850 to get there, at that voltage GPU temps are fine, VRMs are ok in normal gaming but furmark just roasts them alive. Luckily I don't play furmark
Until I do something about my CPU and more thoroughly explore overclocking of both the core and the memory, as well as cranking the eye-candy, I think my casual conclusion is that 775/1125 seems more than sufficient for me in general using and gaming.