Having an unlocked Multiplier would have a very limited increase in overclockability for the average user. You would be limited by CPU temperatures or other hardware restrictions before you could really take advantage of the unlocked Multipliers.
For instance, on my current i5 750 you can use a 21 Multiplier with 200 Bclk/FSB for an overclock of 4200 MHz. The Motherboard is capable of about 212 Bclk/FSB, but because the CPU is limited to 4200 Overclock with my current setup, I could not have higher than say. 18 Multi X 212 Bclk/FSB before I would crash. That leaves me with another 3 multipliers, but even if it was another 10 multipliers, I could still not get past 4200.
IF however I was running something like Liquid Nitrogen, then I could probably reach 6000 MHz with the same processor. A multiplier of 28 would be advantageous so I could use the 212 Multiplier, but realistically on nitrogen I could also hit much higher Bclks/FSBs therefore the Multi becomes a mute point. If my FSB/Bclk was the limiting factor, then a higher Multiplier would be more beneficial.