Using sub-zero cooling methods can enable most Intel 65nm processors to scale well past 4GHz (chilled water/phase cooling), and even 5GHz using liquid Nitrogen. Even though processor cooling does make up a large part of the overclocking equation, there's more than just low operating temperature and high voltage requirements to guarantee success. The board must have stable and clean voltage delivery circuits for the CPU, Northbridge, and memory. The motherboard PCB should be at least a six layer design (with excellent trace routing) to minimize signal inductance and crosstalk. Selection of high quality transistors, resistors, and capacitors can also be critical; low tolerance, low drift, and low noise components are required to ensure accurate and stable power delivery under heavy load conditions.
Lastly, optimized board layouts and onboard device cooling options are needed, to satisfy both extreme benchmarkers and gaming enthusiasts simultaneously (this is another challenge). Manufacturers cannot afford to base a motherboard around extreme users alone. Yes, this segment is a growing industry, but the number of sales generated by this niche group will never cover the invested time/R&D for manufacturing the product. Whichever way we look at the options, there has to be component and board layout compromises to meet several different market opportunities.