This seems to be a issue that was being debated fiercely. I am happy with my 1ghz overclocked to 1.4ghz, but this is with watercooling. It probably would of been stable around 1.3ghz with normal air cooling. A Swiftech MC462A is capable of watercooling efficiency, so it isn't normal. With it you would be able to get the 1.4ghz out of this chip.
This is a 40% overclock, but the overall isn't as high as you can get with a 1.33ghz. With good cooling, the better chips in this latest batch have been going well into the 1500's and some even into the 1600's and I have heard of a few going into the 1700's. But most of those overclocks are done with higher vcores than your average board can supply. I guess the new EPOX board can go over 2 volts so it has been one of the ones people have been using. But be warned that some of the chips in this batch haven't been hitting 1500. If you want to be safe, buy a chip with a guarantee to overclock to a certain value.
But some people have been testing a theory that the powersupplies that most of us use aren't strong enough and seem to have better luck overclocking with the 450Watt and higher supplies. Maybe the ripple (which increases as the power that the supply is providing starts to approach the max) is affecting the regulators and the supply of steady voltage. I am thinking about upgrading to a 450Watt Enermax myself.
This your first overclock? Remember to load your system at default speed and then overclock for maximum reliablity of your install.