First of all, can you run the chip with any memory stable at 2:3 or 4:5? It seems that the IS7 has a problem when it comes to the ratio with FSB above 250Mhz. I have the same board with Kingston HyperX PC3000. I can run these RAMs at 434Mhz.
So at:
-3Ghz, FSB 250, timing 2/6/3/2, 2.6V, ratio 4:5=200FSB, no problem with AGP@1.55V.
-3.2Ghz, FSB 267, timing 2/6/3/2, 2.6V, ratio 2:3=356FSB, no problem only if AGP@1.6V.
-3.3Ghz, FSB 275, timing 2/6/3/3, 2.6V, ratio 2:3=365FSB, no problem only if AGP@1.6V.
The processor I got is a good one at least up to 3.3Ghz with default voltage. The BIOS is used is the latest Version 1.6.
As you can see, the memory is not a problem b/c it can go 200FSB, but at higher processor FSB and lower memory FSB, it requires more relax timing, and higher AGP voltage. So I came to the following conclusion:
1) This board has problems at processor FSB higher than 250. The problem lies in the memory settings. What the problems are no one knows. Perhaps only Abit knows and we are not going to get any clear answers from them. It has to do with sales I guess.
2) The AGP voltage ties in with the O/C stability and RAM settings.
My chip can go 3.6Ghz easy with 1.575V but it cannot run stable with any RAM timings. I have tried it on the Asus P4P800 with more relaxed timing and it O/C well at 3.6Ghz. I think the Asus boards are more stable than Abit for sure. I bought the IS7 b/c it's a lower price. Lower by $30.
So there you go, if you can get it stable at 280FSB with inexpensive memory then you are lucky. The limitation is probably not the chip or RAM b/c you can run the RAM more relaxed and lower FSB with ratio, but the board might not cooperate.