No, people don't give the processor enough credit. Its a very strong thing and won't overclock. Overclock the 3700+ a couple of hundred MHz and you're guaranteed excellent gameplay.
Yeah, it'll AT LEAST overclock 400MHz. However it may bottleneck later when multithreaded games come out, so you may want to get a 4400+ X2, which is basicly like having two 3700+s.