Even if I already answered a bit about the battery life questions, I'll redo, and also concerning bricking risks.
In short, we don't overvoltage the cpu (AFAIK, we can't), and a cpu has less than a linear curve for power=f(frequency). Which means that, for the same amount of work, the cpu will take less power if it's overclocked.
Now, you (the linux kernel noobs.) are going to tell me that it's going to be always overclocked, and thus the power consumptiom will raise. That's totally wrong. The cpu frequency is at its higher value only when cpu power is needed. Basically, when you're writing an SMS or a post on XDA, you'll be at 19.2 or 122MHz (or 250 for stupid kernel configurations), with cpu voltage to its minimum. It will be at the highest frequency, only when a lot of work is to be done, which leads to what I said before. For the same amount of work, you eat less power. Yet, there might be some stupid apps, that change their cpu consumption with the cpu capability (ie it eats all the cpu power available), for these apps, battery life will indeed decrease.
Now, concerning bricking, as I already said, the cpu isn't overvoltage, which make the risks really little. The wince devices got this overclocking for some months now, and no brick has been declared yet. Still, I sure give no warranty at all about that, but I've been personly running my TP2 overclocked all the time for some weeks now.
Still, wince devices are better made than android ones, and user experience may vary much because of that.
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