O/Cing does shorten the life of a cpu, sometimes significantly. Also, Evermore, PM, who is an engineer for Intel, has stated in several O/C threads that increasing the frequency, and especially the voltage, increase the occurance of electron migration by amounts that can reduce the life of a processor significantly. In addition, that "underclocked" 950 you mentioned will have a significantly greater mean time to failure if it is running at 750. Intel, and most chip companies, determine which chips are set at what MHz by testing and calculating the MTTF for each chip at a givent MHz, so a chip marked 950 and a chip marked 750 will have approximately the same MTTF if run at their advertised frequencies. Because the 950 can take the extra stress that its higher speed produces, it will have a greater MTTF if it is underclocked to 750. Basically, the SpeedStep chip in my laptop would have a greater life expectancy if I were to leave the computer in batttery mode all the time (700MHz) instead of leaving it plugged in so I could crack RC5 at 850MHz. At least, this is how I recall it to have been explained to me by PM.
Zenmervolt