It depends on how extreme you oc. and what type of oc you do.
Any amount of oc will lower your products life expectancy. though nothing terribly significany. I mean. if you're using the same processor in 4 years and it dies and you wanna complain about how it didn't last you 5, then I'm sorry but you don't be long messing with computers.
as most enthusiasts upgrade or change out their rigs about ever year and a half to 2 years. I've had my Q6600 @ 3.8 for 3 months now and I'm plenty happy. It's nice and stable and I've gained sooo much performance from doing the oc.
So, its your call I supose. I won't give it too much thought. If you know what you're doing you'll be fine.
Gpu's on the other hand are very sensitive to oc's and video cards with extreme Oc's are lucky to last you over a year, if that. Though again it depends on how hard the oc is and how you're cooling it.
I've heavily overclocked my Cpu and Gpu, am I worried about it all failing me though? not in the slightest.