1. Whether or not you can overclock depends on the bios included with the computer and the processor itself. In this case, it seems only the 4900MX can be overclocked.
2. Cooling. Being as it is in a laptop, it's cooling solution is really limited compared to a desktop processor. Overclocking it will increase temperatures quickly to the point of overheating and damaging the processor.
3. Power. It's a laptop. If you are on battery, it will consume substantially more power and the battery won't last as long. But most importantly, there will be a point that the laptop is unable to supply enough power for the overclock due to it being, ya know, a laptop.
4. Lifespan. An overclocked chip will die 9 times out of 10 faster than a non overclocked one due to the extra voltage running through it. This runs doubly so for a laptop processor considering it and its form factor (laptop) isn't designed for overclocking. They simply lack the space for a proper cooling solution.
5. Money. It costs usually an extra $900 for the overclockable processors, and that will provide MAYBE an extra .4 to .5 GHz of speed at the cost of substantially more heat and substantially more power.