This always happens; and it has to happen. The hardware has to surpass software before more advanced software is developed again. As a developer you are not going to spend many more millions of dollars to develop software that uses 32 threads if the average PC user is only using a dual core. As the average PC starts migrating towards 4-6 core processors, software will eventually catch up. It might take 5 years but it will catch up.
As far as games are concerned, as far back as I remember, most games have been GPU limited first and foremost. Again, eventually some games will become more multi-threaded like Resident Evil 5, Dragon Age Origins, GTAIV, BFBC2, etc. There will come a time where a dual core processor will not be fast enough for most games (but it hasn't come yet). Unfortunately, imo the consoles are holding back the development of more advanced graphics. So I don't foresee serious increases in GPU/CPU requirements for games until PS4/Xbox 720 (?) are released.
I agree that SSD is the next logical step for perceived performance. The problem is SSDs are still $180+ for 120GB. Price needs to come down faster.
If you feel that overclocking doesn't provide any tangible benefits in "every day tasks" (i.e., internet browsing, microsoft office, email, games), then put your $ in a stock that pays dividends, renovate your house, take your gf/mother/dad out for dinner, etc. No one forces you to buy faster processors.
How many BOINC points does a 2600k @ 4.4ghz get you in F@H per day?