The higher voltage usually allows memory modules (as well as lots of electronics) to run at higher speeds or tighter timings, that is because of the transistor nature inside, it is a bit complicated, but that is how it is for now. Of course more voltage produces more heat too and reduces the life span of the electronics involved due to electromigration and other several factors. Hence there is a point where higher voltage will bring more heat in and produce less benefits like higher speed, up to the point where the transistors or the silicon will be damaged (irreversably). That is why it is not suggested to put a lot more voltage on sticks, but ususally remain within 5% of their rated value from the memory manufacturer and not the motherboard manufacturer irrelevant of their suggestions. If the memory is rated at 1.65V from the memory manufacturer then that is what you should do. If the memory fails or not works, the mainboard manufacturer will have nothing to do with it, you will have to deal with the memory manufacturer. Hence try to stay within THEIR specifications.
If you use lower voltages for your memory:
1) You will produce less heat and consume less power BUT
2) The memory might not work correctly, produce errors, or not work at all. If it works, it will probably not work at the rated timings and work at lower timings. If you are not into every juice of performance your system can give you, then you might not really care, but if you are you will want to increase the voltage a bit to achieve those rated timings.
The voltage rated on the memory sticks is a medium value: it is a recommended value. If you go below, they might not work, if you go much higher you are risking of voiding your warranty and destroying the sticks.
I hope i was clear.