I don't think you will be able to overclock average 6700K to 4.8GHz fully stable at reasonable voltages. We will see soon but most chips I've seen so far could make something like 4.7 1.35-1.45V and 4.8GHz+ for quick benchmarks. My 6600K is not passing any more demanding tests @4.9GHz regardless of voltage and I'm testing on pretty good water cooling. 4.8GHz is max for tests like HyperPi or Cinebench and it's sometimes crashing.
Anyway it seems like a good upgrade from IB , especially that DDR4 price is not much higher than DDR3 and 8GB RAM is still more than enough for most games.
After some tests I can say that Skylake reacts better on high memory frequency than low timings. It's also overclocking more like Haswell-E than Haswell ( long story, maybe for some other thread ).