Simple physics and electromigration. Anything approaching 1.4v starts to severly limit CPU life. Anything over 1.4v and you start to see CPUs last weeks not months. Why do you think 99% of the people here on Tom's have ~4.5Ghz overclocks? Not only is that speed pretty much the chips scaling limit with very few things actually benefiting from higher clocks but it keeps the CPU's voltage and temps in a safe range. With a very good custom water loop you can get away with 5Ghz daily clocks.
http://www.tomshardware.com/reviews/automatic-overclock-motherboard-cpu,3048.html
From Tom's test labs.
" We've learned through trial, error, and dead processors that voltage levels beyond 1.45 V at above-ambient temperatures can kill an Intel CPU etched at 32 nm (Sandy Bridge-based parts included) very quickly. Those same processors die a fairly slow death at voltage levels between 1.40 V and 1.45 V (somewhere between weeks and months on our test benches). And we're expecting more than a year of reliable service from the parts we've dutifully kept below 1.40 V. Not all motherboards are perfect however. Voltage instability on a particularly cheap motherboard fried one of our processors when it was set to only 1.38 V. Subsequently, you've seen us use 1.35 V for the overclocking tests in older motherboard round-ups, embracing 1.38 V to 1.40 V in more recent pieces covering higher-end platforms. "
Since I can't afford a new CPU ever few weeks to months I am quite happy with my 4.5Ghz 1.32v overclock.