No that doesn't affect the agp/pci speed. They are talking about running the memory and cpu at different speeds, eg. run the cpu at 133FSB and the memory at 166(DDR333). To do that you use a cpu/memory ratio of 4:5.
The agp/pci speed is set by a different ratio. Some motherboards give you options to keep these things operating at their normal speeds, 33mhz for pci and 67mhz for agp. Other motherboards apply the ratio automatically and the user is stuck with the automatic setting.
All modern boards have an agp/pci divider of 1:3 which at the normal bus speed of 100mhz gives you 33mhz pci and 67 mhz agp, which is twice the pci speed. Again almost all, I'm sure the MSI 845G does too, have another setting of 1:4 at 133FSB which again gives you 33 pci and 67 agp.
Above 133FSB is where it gets tricky. The boards I talked about above have a feature that allows the user to LOCK the pci and agp speeds at 33 and 67, no matter what FSB speed you pick. Most other boards will continue to use the 1:4 ratio which at a speed of 150FSB , for example gives a pci speed of 37.5 and an agp speed of 75, both of which are out of spec. Many agp and pci devices will work ok overclocked, but some won't. In the worst case you could damage a hard drive and/or get corrupted data running the pci out of spec.
Now, I don't know how the MSI 845G handles these speeds, but the manual for that board doesn't mention anything about it, which leads me to believe that above 133FSB the pci and agp are going to be out of spec.
Additionally, according to someone here, the vcore is limited to 1.6v, which may not be enough to get a stable overclock. This can be overcome by a "wire trick", but some of these other boards have higher vcore options via the bios, which is easier.
Neither of these factors make it a bad board, it just might not be quite as flexible as the others I mentioned.
If I had to decide on a board TODAY, I'd probably go with the Epox 4BDA. There is a user here, OLDFART, who has one and is very happy with it. And there are plenty of others at other forums too.
If you are willing to go out on a limb the Abit BG7 has a couple of features that the 4BDA doesn't have, USB 2.0, which doesn't matter to me, a 4:5 divider, which gives slightly more flexibility at certain FSB speeds, and is based on the newer i845G chipset, which supposedly has a better memory controller, but I don't think it's really significantly better. The drawback is it's very new, and early reports are pretty positive but I don't think it's a proven winner yet.