This is truly a sad day, when CPU manufactuers wise up/stop being benevolent to enthusiasts who want to crank up and cool down (or freeze) old chips regardless of the potential damage. Damn though, 700 extra dollars to get that feature... a pact with satan i say!
While I'm sure overclocking is one of the reasons that this is done, the first and primary reason was to stop people from selling chips at overspeced speed (i.e. up the multiplier and sell the chip at a higher speed). There were a number of blackmarket groups that used to exist, especially in developing markets like East Asia, that used advanced equipment to remark the CPU data embedded in the chip, as well as the multiplier. This allowed them to sell a, say, 500Mhz chip that sold for $120 as a brand new 800Mhz chip that would run for $700.
Nowadays, Intel (and probably AMD) physically modify the chip by blowing fuses so that it is virtually impossible to change the multiplier.