your overclock is dependent on multiple factors. if one of these are stressed more so when you're upping the multiplier, than if you had the FSB, then your overclock is stunted. also, when you overclock the FSB you're also increasing other factors that're dependant on the FSB (northbridge, ram, etc)
in my experience an overclock with multipliers will get you higher clock speeds, but, i've gotten higher scores on 3dmark06 CPU when my cpu was at 3.2ghz with a 14x multi (so 3ghz) and raising the fsb to (what i believe was) 211mhz.