You can substantially overclock factory overclocked cards. Here's an example:
Asus 560 Ti DCII TOP
http://www.pureoverclock.com/review.php?id=1201&page=17
http://www.newegg.com/Product/Product.aspx?Item=N82E16814121425
Reference speed = 820 Mhz
Factory Overclock = 900 Mhz (10% OC)
Reviewer Overclock - 1070 MHz (30% OC)
But don't make the mistake most do and think that any factory OC'd card will do the same thing. That particular card has a modified PCB, beefed up 7 phase VRM (reference is 4 phases) and a very efficient cooler. The off" brands and many of the major brands even (i.e. EVGA) sell factory OC's cards with teh reference PCB and VRM. Some others make improvements but not to the scale of other vendors ......The popular Twin Frozr has a 6 phase VRM on the popular twin Frozr whereas Gigabyte and Asus went with 7......then on the Hawk and lightning MSI, went with 8 and 10 phases.
In short, do ya research....make sure the card you are buying stands up against the competition with regard to cooling, PCB design and VRM. For reference, the 7850 falls right in between the 560 Ti and 900 Mhz 560 Ti "outta the box:.
As for overclocking the card ..... the two tools I recommend are OCCT and MSi Afterburner...... latest versions of which (including betas) can be obtained here:
http://downloads.guru3d.com/Videocards----Overclocking-&-Tweaking_c13.html
http://www.ocbase.com/index.php/download
With the 900Mhz 560 Ti's, I usually start at about 1000 Mhz on 1st attempt with no voltage tweak and run OCCT GPU test. Then boost up 10 Mhz till I see any thermal or artifacts issues....rinse and repeat until ya find ya "happy spot".