Yes 1.12V is normal. It may actually be 1.1-1.375V according to the spec sheet. Haven't looked at one for a while now. Eitherway, that processor has speedstep that can be turned off in the BIOS. Speedstep reduces the clock speed and voltage when the computer is at idle to save power and help with the longevity of the chip.I should clarify that the overclcok 'button ' isn't really a button. It is a setting in the BIOS. The options are manual which allows you to change the multiplier, auto which sets the cpu to default 2.66MHz and cpu level up which has some sub options. Now that I think of it, I may have been confusing the 920 with the 965 that I had. The 920 options may be i7 940 up to i7 960. This will run the chip at the stock frequency of the higher level chips. You may find that the highest one button overclock setting is i7 960 or 965 which is 3.33Ghz . Either way, it will still work just fine but manual overclocking is still the best. Manual overclocking is very easy with that asus board. It should come with TurboV Evo software which allows you to change most of the BIOS settings while running windows so you don't have to change the BIOS and restart everytime you want to adjust the voltage.
You should read this
http://www.clunk.org.uk/forums/overclocking/22106-core-i7-overclocking-guide-beginners.html
This is a good guide but I think you need a good quality i7 920 to run 4GHz with less than 1.3V so if your voltage is a bit higher don't be too concerned.
When you get your new board installed, try manual overclocking.
First set the cpu vcore to 1.35V
Second set the QPI Voltage to 1.35V
Set the BCLK to 180
Set the muliplier to 20
Set the DRAM voltage,timings, and frequency to what the manufacturer states(if it is 1600MHz or less. If your ram is faster, downclock it to a lower speed)
This will give you 3.6GHz. Run prime95 for at least 5 minutes and make sure you have core temp running also. If you make it through 5 minutes( you will) then you can start lowering the voltages. Start with the qpi voltage. Use TurboV Evo to lower the qpi from 1.35V to say 1.325V. Then run prime95 again. If you are still stable then lower the qpi again until your system freezes or you get a BSOD. You will probably need to restart your computer and go back to the qpi voltage that was stable and that is what you need to run with a BCLK of 180MHz.
Do the same thing for the cpu Vcore. This will be easier since as soon as you pass the threshold of where your cpu is stable while running prime95, you will notice that of the 8 threads you are running one or two will turn off indicating the cpu Vcore is too low. Of course if you lower the voltage by too much at once you may pass the threshold completely and your system will probably BSOD. It is also recommended that you use a program that allows you to monitor all of the cpu cores while they are running so that if one shuts down you can easily see this and stop prime95 as an error has been detected. I simply use the cpu usage gadget that you can easily install if you right click on the desktop and select gadgets. If it is not there then select 'get more gadjets online' and download it.
If you want to go higher to say 3.8GHz use a bclk of 200MHz and a mulitplier of 19 and do the same thing as with 3.6GHz.
The qpi and cpu voltages that I quoted should be enough to run a bclk of 200MHz and a frequency of 4.2GHz or more if your chip can handle it and they are within the intel recommended safe voltage ranges so you do not have to worry about damaging your chip as long as you monitor the temps and if you hit 80 degrees you should stop running prim95 and lower the Overclock. You will find that 1.35V generates a bit of extra unescessary heat if your cpu only needs 1.3V to be stable so make sure that you lower the voltages and find your stable point.