90% of people will say "disable CnQ while overclocking".
but the 10% like me who have an overclock and cnq enabled will say you can have best of both worlds. my nforce 560 mobo manuals even says to disable CNQ while overclocking. HOWEVER like denithor said, CnQ works be lowering the vcore and multiplier when your computer is sitting idle or not needing the power. with that being said, if you can over clock your system by increasing the fsb and not touching the vcore you can have cnq enabled.
on my system i have a x2 6000+ that is stock 3.0, right now the mutliplier is set to auto and my vcore is auto as well in bios, my fsb is 214, so ive got a 3.2 cpu speed with and CNQ is working well.
but yes, CNQ will extend the life of overclocked cpus is you can mangage to figure out how to set it up right. (it also ofc extends life of the stock clocked cpus) saves power to.