2. Regarding safe level, no overclock is safe, unless it is specified that the processor can handle overclocking over a certain period of time. That's why it is designed for a certain clock speed, because at the guaranteed clock speed you can get the most out of your processor without even breaking it.
That isn't true. Processor manufacturing is inexact, so some processors end up with higher clock speed capability than others. As the maker of a device, you have to set the clock speed low enough that ALL of the processors in ALL of the devices function properly. Setting the clock speed conservatively means that most or all of the devices are actually capable of functioning at a higher clock speed, which in most cases -- and certainly in the case of the P500 -- is completely safe. And it is extremely naive of you to believe that every processor or computer you buy is running at the "best and safest" speed as tested by the manufacturer. CPUs are often significantly underclocked simply to allow manufacturers to differentiate pricing. The same thing is done with finished products, including smartphones. For example, my HTC Sensation has a Qualcomm MSM8260 clocked (originally) at 1200 MHz. The HTC Sensation XE has the
exact same processor clocked at 1500 MHz.
3. While setting the frequency to Min 122 and Max 806, it is not really safe to go to a maximum of 806 Mhz. As specified the maximum (safe) frequency of the processor is 600. so even going for 601 above or to 710 even if other claim that 710 is still a stable frequency will not guarantee that it will we stable at 710. Regarding the risk. overclocking in the first place is risky.
unless yo go y.o.l.o over your hardware.
Again, it is nonsense to say that overclocking this phone "is not really safe." You won't find one example anywhere of a person who has damaged this phone by overclocking it. These things don't get hot enough at any clock speed to damage the hardware.
4. Risks are. 4a. going beyond the maximum temperature your hardware can handle. can lead to fire (yeah it is true).4b. boot failure 4.c crashing of applications. 4.d etc etc.
4.a. Heat is probably the only legitimate concern with overclocking a smartphone, and that's exactly why there is no risk with the P500 -- it doesn't get anywhere near hot enough, at any clock speed, to cause any damage.
4.b. This shouldn't be a problem. If your phone is not setting clock speed on boot, then a crash/reboot will send your phone back to the original clock speed. Even if you make a mistake and change a clock speed that is being set on boot (which I actually did by accident just yesterday), you can boot directly into recovery and restore a backup.
4.c. Who cares? As I said before, if your system is unstable as a result of overclocking, then you should lower the clock speed. That isn't a problem.
4.d. *sigh*
But to each his own. If you don't want to go "yolo" with your antiquated $50 smartphone, then by all means, keep it at 600 MHz. Nevertheless, there is absolutely no way that you would damage it by overclocking, regardless of what you may believe.