Without doing any testing, I guess sending 5v in to a SIMM that only needs 3.3v would make it heat up too much. But would it make extra voltage "leak out" from the SIMM, and go in to other areas of the mobo, such as the chipset? I am not an engineer, and so I have no knowledge about these things, and therefore I cannot answer that question, but what is the likelihood of this happening? Is it very obvious that this event would occur, or is there an element of doubt?
I'm just brainstorming here: I wonder if it could be something else. I wonder if the little metal connectors on the SIMM slot on the mobo get heated up, as the RAM SIMM gets too hot, and this in turn could damage some copper trace connections somewhere. I wonder if someone could power on a Shuttle Hot 433 mobo with 3.3V RAM in it, and touch the RAM to see just how hot it gets.
@Nemesis, have you retested your board recently, with a completely "fresh" set of components - such as a couple of never overclocked CPUs (one 5V, the other ~3V), with completely different RAM that has never been used inside this board, and a simple configuration that just consists of just one IDE HDD, using a controller that hasn't been used inside this board before?