Questionable. Some people have had it work, some have terrible horror stories about completely wrecked chips and motherboards. Mine is one of the bad stories (with a happy ending!!):
Back when I was on air I reseated my SLK 800 A after cleaning it and changing the paste. I turned my rig on, Overvolted and Overclocked my processor, rebooted (without checking the temperatures @ stock...) and was greeted with 80 Degree Celcius BIOS readouts for CPU temperature... and climbing! I cut the power, carefully (*much* more carefully this time) reseated my heatsink, and merrily went on my way.
*But my motherboard didn't shut itself down*
Take it as you will.
I don't trust ASUS' special "features" at all. Just look at their stupid Q-Fan thing and you begin to wonder what other features aren't even implemented in their boards. ASUS also has extremely bad customer support - they don't care about their customers at all, and are nearly impossible to contact unless you are doing an RMA - in which case you have to go through your retailer for any hope of a timely (READ: less than a month) return, or even simple acknowledgement and communication.
As ASUS doesn't care about it's customers at all - I am lead to believe that ASUS C.O.P. is so much bull. Again, take it as you will. If you are careful your CPU won't overheat (a pump dying is a rare thing).