I answered a thread about phases a few days ago, but can't find it.
The short answer is in the P67 4+1 can OC to 5GHz, so the real question is 'Why 12+2, 8+2, 24, 16+2, etc'. The answer is longevity in relation to efficiency. Imagine the strain of running 4+1 at nearly 80%+ 7/24/365 verses 8+2 at 40% or 16+2 at 20%, etc. However, in addition to Phases are Channels. Example the GA-P67A-UD7 has as I recall has 24 Phases divided into 6 Channels with the +2 {or more}, the Channels are like gears for added but ready power.
Don't get me wrong, 24 Phases is 'crazy' for even running nitrogen.
Next efficiency, the "Sandy Bridge" (32 nm) lithography {smaller = less resistance = less wasted energy / heat} don't require as much power as the "Bloomfield" (45 nm). Meaning a "Bloomfield" OC where 16+2 or more was a good idea, 8+2 "Sandy Bridge" is fine and a 12+2 will simply have a lesser issue of burning-out the MOBO. The +2 is for the Memory/DIMM. Phases are also spilt for the CPU, VTT bus, etc.