From Anand's preview of Sandy Bridge: "As is the case today, there are two lines of chipsets for consumer desktops: H and P series. The H series supports Sandy Bridge’s on-die graphics, while the P series is strictly for discrete graphics."
"First and foremost we have the K-series parts. These will be fully unlocked, supporting multipliers up to 57x. Sandy Bridge should have more attractive K SKUs than what we’ve seen to date. The Core i7 2600 and 2500 will both be available as a K-edition. The former should be priced around $562 and the latter at $205 if we go off of current pricing.
Secondly, some regular Sandy Bridge processors will have partially unlocked multipliers. The idea is that you take your highest turbo multiplier, add a few more bins on top of that, and that’ll be your maximum multiplier. It gives some overclocking headroom, but not limitless. Intel is still working out the details for how far you can go with these partially unlocked parts, but I’ve chimed in with my opinion and hopefully we’ll see something reasonable come from the company. I am hopeful that these partially unlocked parts will have enough multipliers available to make for decent overclocks.
Finally, if you focus on multiplier-only overclocking you lose the ability to increase memory bandwidth as you increase CPU clock speed. The faster your CPU, the more data it needs and thus the faster your memory subsystem needs to be in order to scale well. As a result, on P67 motherboards you’ll be able to adjust your memory ratios to support up to DDR3-2133.
Personally, I’d love nothing more than for everything to ship unlocked. The realities of Intel’s business apparently prevent that, so we’re left with something that could either be a non-issue or just horrible.
If the K-series parts are priced appropriately, which at first indication it seems they will be, then this will be a non-issue for a portion of the enthusiast market. You’ll pay the same amount for your Core i7 2500K as you would for a Core i5 750 and you’ll have the same overclocking potential."
With regards to memory: "With P67 you lose integrated graphics but you gain the ability to run two PCIe x8 cards off of the CPU. You also get fully unlocked memory multipliers with P67, whereas H67 is locked to whatever official DDR3 speeds Intel supports with Sandy Bridge (currently DDR3-1333)."
That's all that I can find about the h67 and p67 differences. I was under the impression the only difference was integrated vs non-integrated, as the OP mentions. Check out the article if you want, but I think the other guy was wrong. Overclocking is on page 4 I think:
http://www.anandtech.com/show/3871/the-sandy-bridge-preview-three-wins-in-a-row