We are not allowed to give specifics on speeds at this time, but as a generalization one can expect the following stable performance without too much tweaking effort:
* Air: Around 4GHz is a safe area to target with decent aftermarket cooling & mild voltage increase. When I say "around" that means above and below, so don't gripe at me if your CPU won't hit 4GHz, there is no guarantee with overclocking. Also there aren't exactly huge amounts of CPUs out in the wild yet, so observations are somewhat limited.
* LN2: If you were thinking 5GHz, guess again (and guess higher)... It was like the Energizer Bunny commercials... they just keep going, and going, and going. To say in excess of 5GHz is an understatement, but that's about as detailed as I'm allowed. There was another large leap too between what was "stable" and what you could get a CPU-Z screenshot of, so that shows even more promise in the long term as yields will undoubtedly improve.
* Water & Phase Change: Obviously somewhere between Air & LN2. This is really going to vary based on what you are using and your temps
While I can't give exact numbers in terms of GHz, I can give you some of the voltages and temps seen while running the Crysis demo. Keep in mind these temps are not anywhere near 100% CPU usage, but they aren't exactly idle either.
* Air: Cooler Master Hyper Z600 - Around 1.5-1.55V / 33C
* Water/Tec: CoolIT Freezone Elite - Around 1.6V / 38C
* Phase Change: VapoChill - 1.7V / Below 0C (software / MB wouldn't report negative numbers)
* LN2: 1.75V (at least during the Crysis demo...
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