In my own tests with an overclocked X2 4000+ and also a Phenom 9850, CnQ reduced measured performance by 0-5%. I leave CnQ enabled.
In my own experience, CnQ never actually limited my overclock per se, but did reduce it's efficacy by a smidge.
IIRC, somewhere there were benchmarks demonstrating Photoshop performance taking a large hit with CnQ enabled, but I've never been able to duplicate that result.