Almost any motherboard should remain fully functional at least until the end of its warranty period. The standard warranty period for most PC components is at least 3 years with many components having 5 or even 7 year warranties. Some manufacturers even offer limited lifetime warranties. No manufacturer in their right mind would design a board that suffers a high failure rate within the warranty period, that's not a smart way to try and make money.
What tends to separate the really good boards from the rest is how well they can run outside the reference specifications and how long they can do it for. Every motherboard should be able to meet the bare minimum performance standards that AMD and Intel specify. If they don't, they may not be able to use the trademarks which allow them to market the boards.
The best way to describe "above and beyond" is to provide an example. Intel's Sandybridge desktop 2000 series memory controller only "officially" supports up to DDR3-1333. The Sandybridge-E processors and select mobile 2000 series processors support up to DDR3-1600. One of the constraints for "official" DDR3-1600 support is that operation is only guaranteed with one memory module per channel and [I believe] one rank per module. Using multi-rank modules or more than one module per channel only guarantees DDR3-1333 speeds. However, high quality motherboards which have better power delivery features than Intel calls for can easily run multiple modules per channel at DDR3-1600.
DDR3-1600 is pretty easy to do though, almost every motherboard can run 4 modules at that speed. What about speeds that aren't supported at all? What about DDR3-1866 which is only supported officially by AMD's bulldozer processors? What about DDR3-2000/2133/2400/2600, etc... What does it take to run 2 modules in each channel versus just 1? Each step up requires better components not just on the CPU but on the motherboard itself.
Here's a comparison chart showing what I'm talking about, look at the bottom graph on that page
http://www.tomshardware.com/reviews/z77-extreme6-z77a-gd65-z77h2-a2x,3187-21.html
These are all high end cards, notice the spread between the ASRock/Asus boards on top and the Biostar board on the bottom? That's one thing that your extra money gets you.
Naturally, any overclocking like that (memory, CPU, or otherwise) puts stress on the components. A cheap motherboard simply won't overclock much at all or may lack any overclocking features period. Those that do overclock will have their lifespan shortened, often below that which would be provided by the factory warranty.
A motherboard that is subjected to abuses that it wasn't designed to take (or wasn't properly designed to take) won't last long. A motherboard that is designed to take abuse will last quite a long time. Exactly how long is hard to tell, a lot depends on the user and how much they stress it.