Well, yes and no.
While the CPU dies of the two processors are identical, each of them went thru a process known as 'binning' where each was tested to determine at what frequency/voltage combination it was able to run. The best performing chips are slated to become Xeon server and Extreme Edition chips, and others fall into the lineup according to their abilities. In this way, all chips will basically run at the same voltage, different clock speeds.
When a manufacturer has their process very well tuned, (which Intel tends to do very quickly) a majority of the dies produced will likely perform at or close to optimum, so once the quota of high end (Xeon and EE) chips is filled, these 'good' dies will be incorporated into lower end products, such as the i7 920. When this happens, the lowend parts gain a reputation for being able to overclock VERY well.
While no overclock is guaranteed, I believe that most recent stepping 920s are able to hit 4.2+Ghz with ease, probably more with good cooling.