Found this, figured id post my opinion of it too.
As they said, it "might be possible". This is pretty strong speculation, and speculation only.
Also, lets just assume this is correct, and Intel locks down the system. This would not prevent CPU pin mods from being done... and if you can CPU pin mod a chip, then you can use the BIOS to create the same effect as a pin mod just by changing the voltages around.
So even worst case scenario, motherboard makers can still exert control over the CPU. I am sure there are pins that would modify QPI and memory controller settings, as there are now 1366 of them.

Right now the worst case scenario I envision is it may require motherboard makers a bit of time to adjust and find these work arounds if Intel locks things down. However, I still firmly believe Intel isn't going to lock down the entire CPU, NB functions and all.
As I recall, there are plenty of Northbridge-less single chip AMD motherboards, since they don't require a MCH either. Just because AMD moved their northbridge into their CPU long ago doesn't have to mean people couldn't overclock their CPUs.... however it DOES make overclocking their CPUs more complicated. Overclocking a Nehalem should prove to be equally complicated, as simple FSB + chipset straps are not going to be the only variables anymore.
AMD has had an integrated memory controler for a while and there arent any problems OCin with it.