From what I have seen power phases seem to be more marking mobo jumbo. power phases do not replace good motherboard power design. Good motherboard designs will be able to deliver stable voltages, even with fewer power phases. Having more phases will not necessarily mean the motherboard will not droop or fluctuate in voltage when you subject it to a large load.
Over all from what I have seen and read about this, it's just marketing. wile I am sure power phases have some goods, it's not everything and just adding more does not make it that much more stable.
A motherboard with more phases will in theory overclock better than an identical board with less phases. However, in practice it really doesn't matter much. Anything with at least 6 phases should be a decent overclocker providing the board is designed well.
unless you are really commited to getting every last mhz out of your cpu, its mostly bullshit. some of the newer boards have multi phase power on the ram and northbridge, i think this would be a little more important.