if you encode often, this is worth it, otherwise its not my cup of tea, when i do use video encoding ill be happy with my OC'ed i5.
which brings up a good point, how well will this preform when put against OC'ed Processors 4ghz and above with multithreading, my guess is that the OC'ed processors come pretty close, if so why spend an additional $200 for it?
i think it will really only be worth it for the cheaper processors on the list, that really stand to benifit for it, the 250 and the 620 are cheap alternatives if, once again your primary purpose is video encoding.
either way it will still be just about as expensive as the higher processors, as it will be for the lower end processors with the card, if not more, and will preform just about the same if you overclock, (to my best guess) still, being able to multitask while encoding is a benifit i would say shouldnt be overlooked by heavy encoders.