mostly number one applies to me. I buy a good proc, like my Q6600 or my i7 920 D0, and OC it so that its faster than the fastest proc at stock. Q6600 @ 3.6, will go farther if I can get a better cooler, my i7 is at the chip limit pretty much, 4.2, needs way to much voltage for 4.3 (Vcore > 1.45). Either way, they are probably faster than just about ANY stock chip. Though I turned HT off for the i7, I don't need it yet.
My Q6600 has more promise I think. The chips are supposedly fine up to 1.5 V, and I think I can get the chip stable with less than 1.4 for the 3.6 GHz. Right now I have a crude push pull on my dark knight, and with the current 1.425 Vcore, the chip gets too hot too quick with linx, so I will continue to tweak it. I may need another 6 Heat pipe cooler or even water if I want to maximize my Q6600. Its VID is only 1.25, so its a pretty great chip. G0 of course.