I voted No!
Overclocking is definitely not vital, it is a choice!
It is the unknown to those that do not do it, and the unknown is always scary,
because it is the unknown!
Those that do overclock!, Will overclock the most high end CPU they can get their hands on, and you'd probably think why would anyone overclock a cutting edge CPU, because they've learned how, and they can, it is as simple as that.
Overclocking will spoil you way past the few hundred mhz gain a new to overclocking may be satisfied with, and it seems the more you learn to manipulate your end results the further you'll end up going! (Because You Can!)
Not because it is needed to run some particular application or game, but simply you're in completely new territory than what everyone else is running, but until you sit down and run a seriously overclocked machine you don't have a clue as to what I'm even talking about!
There's a major difference from running a completely stock machine at 3.5ghz and running the same machine with all the cores cranked up to say 5ghz, and once you use a machine like that and experience the raw performance, you're spoiled, ruined 4ever, and not satisfied anymore to take the crumbs from the AMD and Intel table, if the power is there to take and use, why not take it!
But you need to learn, How to Overclock?, First!
So now we're back to the unknown, because unless you overclock,
You'll never know, and Understand, What I'm even talking about!
Edit:
For the record Hyper Threading is really no big deal, there are plenty of applications that Hyper Threading being enabled actually cuts the performance in half, ConvertXtoDVD is one of them, and that's not good that's bad, extremely bad, and too many live under the cloud of thinking Hyper Threading is great, when there's only a few applications that hyper threading actually helps performance.
So there it is! (Have a great day!)