As I have seen from certain reviews, it is not really an OC but simply a setting. And the "OC" is marketing. It's like saying the 6th gear in a car is OC, but you can just put it in. :)
In this monitor, the panel (LG) AND the G-SYNC module (nVidia) are overclocked, i.e. both components are operated outside the range recommended by the respective manufacturer. Therefore, it is not just "marketing".
G-SYNC Module OC:
As with all digital circuits, OC increases power consumption and heat generation and reduces life span. I don't know if the lifespan is significantly affected. Since it is an officially supported feature, Alienware/HP guarantees that everything will still work as intended.
Panel OC:
Today, the increased refresh rate almost always has to be paid for with other quality losses. Thinner, picture artefacts, occasional flickering, blurring, etc. Such things are occasionally criticised with this monitor, which is almost always due to the OC. Whether it's worth switching on the OC is something everyone has to judge with their own eyes. Some don't even notice the difference between 100 Hz and 120 Hz. Some don't notice the loss of quality. Often it also depends on what kind of games you play (games with very high-contrast images with very fast movements benefit more from 120 Hz).
If you don't notice any difference, it is definitely better to do without the OC.
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