Sandy Bridge CPUs are designed for 1.5v RAM. Using 1.65v RAM can shorten the long term lifespan of the Sandy Bridge CPUs, but it should not cause short term problems.
EDIT: By personal estimation, the CPU should still last around two to three years or so. However, this widely varies. Some lucky people will get an above-average CPU for it's model that lasts as long as the average CPUs of the same model would with 1.5v RAM. Some people get bad CPUs that can barely last as long as the average ones would even at 1.5v. However, I think that two to three years is a good estimation for the lifetime that you should expect.
1.65v RAM is usually only used on a SB CPU for extreme memory overclocks. Due to a Sandy Bridge CPU not being bottlenecked by memory bandwidth or latency like the previous Intel and the AMD CPUs, this only helps for certain applications and not many of them. For example, rendering and archiving are two great examples of the few types of programs that are significantly improved. Some folding programs also like high performance memory. Gaming does not see much benefit at all, although I did once read that the minimum frame rates do improve a little from faster memory.
AMD CPUs and older Intel CPUs are often more bottlenecked by RAM performance, although even then, it's only to a point. For example, the FX CPUs need about 25% higher memory frequency to have the same memory bandwidth as Sandy Bridge because they have an inefficient controller that doesn't make the best of it's RAM frequency. It also needs to have latency timings several notches below a Sandy Bridge CPU to get similar latency.