I think your heading in a good direction. Finally some people are really looking at this a little deeper......
I dont think theres a major fundamental difference at the transistors being used thats causing this, for two reasons:
1. Entire different architectures, yet Kepler and GCN seems to top out at ~1.3ghz +/- a few percent. This is true for every single 28nm card currently, from bottom to top, except for the 660 which is crippled due to board TDP specs. This suggests the node is similar for both.
2. There's a pretty good reason NV is capping at 1.175vcore; we know based on extensive OC/Ovolt for GCN that its very efficient when its <= 1.175vcore.. once you crank it above that, power draw skyrockets.
Combined with the "just enough" board specs for reference kepler cards, its extremely risky to have a scenario where power draw is skyrocketting. Cards burning/exploding is not what NV wants to see repeated. AMD can release their lame boost bios with 1.25v is because their designs are overkill on power circuitry components and can handle it.
However, custom boards should not have any issue, which is why MSI has said NV originally gave them the go ahead for overvolt, but due to competitor complaints, NV decides to even the playing field for a few reasons (which is being speculated in this thread).