This is long INFO post from real chip designer that help to create CPU/GPU and other chips for the living for 14 years now, so respect  
 
He sent me PM, for now he cant post that by him self.
Vikas is monitoring our thread and want to say his professional stand about UV/OV and why it's works for some and why not for others.
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I am calling Vikas(
vikas.mishra) to the speech stand 
 
Hello people.
Let me introduce myself - my name is Vikas Mishra and I am a chip  designer by profession. . 
I have worked on critical parts of design of  TI OMAP4, OMAP5, Nvidia Tegra 3 etc and have been doing this for the  last 14 years.
Of late - I have seen a lot of folks posting  BUGS about undervolting of the GPU/CPU. 
I think I can explain what are the possible  issues with undervolting/overclocking in a laymans language.
It is a little long winded but I  think the length is needed for providing the appropriate context.
* What is inside your Cellphone
  Your cellphone is an amazing device. It is a full fledged computer
  that fits into your pocket. They have all the standard components
  that a computer has - except that they are all usually soldered on
  the motherboard directly and are not meant to be user-servicable.
  The chief components inside your cellphone are
  1. Application Processor (AP)- this is the heart of a modern
     cellphone. These are manufactured by many companies - the main
     ones are Qualcomm, Nvidia, Samsung and Apple. The other not so
     well known ones are made by Texas Instruments, ST Ericsson,
     Marvell and Broadcom.
     A modern AP has logic to control the camera and process the image
     that it generates, to do video encoding (video recording) and
     video decoding (movie watching), Audio processor etc. in addition
     to the well known CPU and GPU.
     
  2. Power Management Controller - This is the chip that is
     responsible for generating and regulating the voltages that are
     used by all the components on the board. 
  3. DRAM - not very different from the DRAM found on a PC (except
     that it is lower voltage)
  4. Flash - for storage
  5. Touchscreen controller
  6. Logic for microphone, speaker
  7. Battery
  One of the most complex piece of circuitry on the phone is the AP
  and the power management controller.
  
* Circuit Basics
  A modern AP has millions of circuit units called (Flip
  Flops). These flip flops have two parameters associated with them
  called Setup time and Hold time. More details on what a flip flop
  can be found on the wikipedia at
  
http://en.wikipedia.org/wiki/Flip-flop_(electronics) . This is a
  nice bit of bedside reading if you are interested. 
 
  A setup time roughly indicates what frequency you can run a design
  or an AP at before it becomes unstable. 
  
  A hold time roughly indicates the maximum voltage till which a
  design is stable. 
  
  A fully technical analysis of what is involved in these timing
  parameters requires a degree in electrical engineering but in broad
  terms the problem is described below.
  Chip designers diligently ensure that all of the millions of the
  flip flops in a chip meet the setup and hold time across a broad
  range of voltages and silicon parameters. They do a pessimistic
  analysis to ensure that a chip will run reliably across a wide
  range of voltage/frequency combinations. 
  However, contrary to the popular belief, chips vary widely in their
  silicon parameters. Even chips on a the same wafer and different
  flip-flops within the same chip can have widely different silicon
  parameters. This is why what works on one particular chip will not
  work on the other chip. 
  Your silicon manufacturer provides a range of voltages and
  frequencies across which the device can work reliably. The phone
  manufacturer will further narrow down the range depending on the
  other components they choose within the phone board. 
    
* How does voltage affect the design
  
  Reducing voltage makes the design slower and increasing voltage
  makes the design faster. 
  So can I keep on increasing the voltage for ever and make the
  circuit faster and faster. The answer is no - a point will come when
  the circuit will become unreliable. This becomes unreliable because
  the "hold time" of one or more of the flops will start
  violating. 
  As you reduce the voltage of the design, the circuit will start
  becoming slower. However typically it will continue to work till at
  apoint it starts failing - this failure occurs due to violation of
  "setup time" of one or more flops in the design. 
  
  So what happens when the setup time or the hold time of a design
  fails - the answer is that it is unpredictable. Meaning suddenly if
  you ask the processor what is the value of 2+2, the answer it will
  provide could be unreliable - in some cases it could be 3, in some
  cases it could be 4 in some cases it could be -2349783297 (a random number).
  I am of course oversimplifying but I hope you get the picture. 
* How does undervolting affect your phone processor
  The reason undervolting is so appealing to people because they
  thing that undervolting will save power and improve battery
  life. While this is true in theory, in practice there is a caveat. 
  It will reduce the power of the chip, but the power consumed by the
  phone as a whole will not improve. In some cases in fact it can
  deteriorate. Let me explain. 
  The most power hungry part in the phone is not the AP - it is the
  LCD screen. All of these screens consume a ton of power. So even
  though your AP is now consuming lesser power, the overall impact to
  the phone as a whole is not that much. 
  If you accompany undervolting with a frequency reduction (which you
  should), the total time taken for doing a web page rendering (for
  example) would increase. During this time the screen is on and it
  has more than compensated for the power that you saved in the
  AP. 
  You could of course come up with examples where this wouldn't
  happen - but on a whole, IMHO, you should leave the voltage of the
  AP/GPU/CPU to the guys who know the system best - the guys who
  designed the chip and people who manufactured it. 
* How does overvolting/overclocking affect your phone processor
  
  If you want that last drop of performance from your phone and you
  over clock it, at a point some of the design flops will start
  violating the hold time and the design will stop working reliably.
  Again, in some anecdotal cases this would work - but this is not a
  reliable means/mode of working. Just because your friend's or your
  first cousin's girlfriend's phone works - doesn't mean yours will
  work as well.
* What are the user observable impacts of undervolting/overclocking?
  It is hard to say - simply because there are so many of flops in
  the design.
  In some cases - you wouldn't see anything wrong with the phone
  until one day you do. In some cases it will result in a SOD
  immediately. In some cases it will result in your phone not waking
  up reliably.
  IMHO the risks of issues with undervolting/overclocking far
    outweighthe potential gains you may get out of it. Usually there
  is no lasting damage to the phone/AP if you overlock/undervolt but
  it is possible to do it. For example, You run the phone at such a
  high frequency that the chip temperature becomes more than what it
  was designed for and the Silicon just fails.
  So "Just say No" 

. Don't overclock or undervolt your phone -
  leave it to the guys who really understand what they are doing.
Thanks, 
Vikas