And obviously overclocking shortens component life, and it is a built in overclocking feature is it not?
Actually, yeah, you're pretty much right. (I always assumed CIA was just a cpu throttling utility but having double checked, it does appear to allow for overclocking).
The purpose of CIA is to adjust the CPU's performance according to demand. e.g while the system is idle or not running any cpu intensive applications, the cpu performance is automatically lowered. As cpu utilization increases, so does the performance.
The actual level of overclocking is determined by how the user has configured it, but you are to say that overclocking the components can reduce their life span.