A lower VID does not guarantee a higher overclock. It doesn't even guarantee being able to run lower voltages than others at the same speed. However, a lower VID is a possible indication that your CPU may overclock better or easier than those with higher VIDs.
Like Smoke said, its a mixed bag of funness, it might mean under safe 24/7 voltages, it can do some decent clocks, but every chip handles overclocks differently.
I have seen 1.3 Vid cpus doing some decent clocks.