Well usually if you overclock a PC, and it has inadequate hardware/cooling, it will lock up after a short period of time. If the right solutions are there, and the hardware can take it, then you should be fine.
People have ran apps at 333 on the PSP for literally hours, and there has yet to be one reported case of a PSP malfunctioning because of this. The only result of running the system at this speed is obviously a loss in battery life.
I think pushing things any further than 333 for the time being could prove to be a bit of a mistake though, but by today's hardware modding standards, nothing is really impossible, so I guess we'll just have to wait and see.
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