Overclocking

No with overlocking the magical fairies in your grahpics card just work harder.

No catches here...

Overclocking = more heat = more likely hardware failure

Well if you don't really know how to do it i suggest you find some1 who knows before you burn your gpu or cpu...

Yeah, you can overclock the PCU and GPU but that isn't the best. It won't live as long as it should and can get damaged by overheating.

Overclocking = More power = More power requirement = more heat

More power requirement is pretty obvious, the more power by the hardware in question, more heat will be produced, pushing the hardware beyond their manufacturer values, and therefore recommendations, to the point of burning a component if you're not careful, that's why people who overclock a CPU lets say, use liquid cooling, or high performance air cooling solutions. This applies to GPUs as well.

be aware that you can fry a video card/cpu under 5 second with a bad overclock. (and don't say if it doesn't burn in 5

It all depends of the hardware you have, the cooling system you have, if you have a hardware that doesn't like overclock and you overclock the shit out of it, like I said it can fry very quick.

Make sure you know what and why you want to overclock, what is the safest overclock of your hardware (people are posting those stats everywhere, easy to find what is the best overclock for your device).

You will also need apps that will tell you temperature of every device that you want to overclock, because you have to keep an eye on that.

As long as you don't set the temperature too high your hardware should not fail.
My friend always overclocks when he plays games and he's had his computer for 3 years now.