Well, the CPU lifespan argument is valid, but when the lifespan of a CPU is measured in decades I don't mind exchanging some years for significantly higher performance in the short term. If done
properly there shouldn't be any appreciable damage done beyond normal everyday usage. If done improperly, then it might only live a few weeks.

(I'm still amused to think that Anandtech managed to kill two Core i7 chips fairly early on OCing them and applying aggressive stability loads.)
For example, my overclocking kick got started when a friend of the family took my Compaq running a 500MHz AMD CPU and hard modded the board to work with a more powerful 1GHz CPU, the performance increase was nice and I used that machine throughout highschool. The power supply in it had problems even before the mod, but it otherwise ran well enough. That Compaq still works ~12 years later.
Wanting to avoid cheap components I built my replacement, the first computer I self-built was a Pentium 4. I ran a mild ~400Mhz overclock on it for years and that system also still works today. Yet both of these computers are so slow they are a chore to use today beyond surfing, they've outlived their practical usefulness. Hence why I now overclock.
For the moment I'm running my Core i7 920 2.66Ghz @ 4.32Ghz. It's my most aggressive 24/7 overclock so far but I don't compromise stability to run it. I expect to be using this CPU for a very long time to come, and the performance scaling is well worth it. It probably helps that I find it rather fun to overclock them even without the direct benefits factored in, but yeah. High grade components, time & effort, proper cooling and no blatant abuse of the hardware means for the most part, the computer should last well past it's "practical usefulness".
For laptops, I just don't recommend it. Most aren't built to keep components as cool as possible, just as cheaply. And instead of making the priority to be keeping components cool, fans are configured to stay silent first at the sacrifice of cooling performance, only ramping up as a last resort. Heat and voltage are the two main killers for electronic chips and motherboards, and cooking a laptop by overclocking it isn't so hot an idea in my opinion. Laptops rarely last very long, by their nature they (or components in them) break before the owner has bought a new one to replace it.