Perhaps, but if MSI keep advertising and boast about such a feature, then surely it does work and is safe for the most part. Lets not forget that sandy bridge/ivy bridge are the most OC friendly CPUs to date due to their low power consumption and efficiently designed architecture. For example, if you were ever there back then, you couldn't just OC an Q6600 or something to 4.6Ghz as easy as you can to the latest CPUs.
Remember, they know the limits of their own hardware that they've designed and there's always that option to either set a moderately-high OC or just a small bump.
Like Marest said it is safe. MSI wouldn't offer it on their mobo if it wasn't. It gives a decent OC for those who don't know how or just wan't a quick good OC. Like he said tho it isn't very efficient. Mine put it at 4.4ghz with a 2.35vcore which is a bit more then needed. I currently have it at 1.28vcore with it at 4.4ghz to be safe. Remember not to use it unless you have an aftermarket cooler.