FreeFrag - there are a lot of reasons. One, with mission critical servers, or database crunchers, you don't want downtime. While for you 'n me, crashing once a week, or once every couple weeks we can deal with (heck, a lot deal with daily, or multiple times daily); overclocking dramatically increases the chances of instability, especially in servers.
With one CPU, it's easy to find the max limit of the processor. Just go up, 'n up, 'n up, keeping the PCI/AGP busses as close to spec as possible, OC the FSB and the multiplier. Two CPU's gets tougher. Not all will OC as far....so no problem, just go as high as the one that overclocks the least...right? Wrong. There are cases where they won't overlock as far combined as they did without both in there. Throw 8 processors in there, and then you're in a doosy.
Plus, most servers don't have FSB or multiplier adjustment options, so you're outta luck there. And then, there's data corruption. Though your system might be stable, ie, never crashing, it could still be making an "of by one" error occasionally. Prime95 is an excellent test for this kinda thing. It might change just one bit in a file you save, no big deal...but it is when running important stuff.
There are just as many reasons NOT to overclock as there are TOO overclock. In the server/workstation world, sometimes the reasons not to are more important....for me, I like to overclock my home systems, nothing mission critical there 😉