Technically, you don't have to wipe your phone to upgrade to 2.2. But many, many people found that doing so prevents/fixes a lot of inexplicable problems with the 2.2 upgrade, most importantly, battery life.
Also, regarding a previous post claiming that overclocking can brick your phone.... Very unlikely. The phone has safeguards that shuts itself down when certain thresholds are crossed. At worst, you get stuck in a boot loop, which can seem like a bricked situation to a novice. But there are ways to recover from that. Make sure you do nandroid backups before trying anything weird with overclocking. And even if you don't have a nandroid backup, with some leet adb skills, you can remove the overclock settings that will allow your phone to get out of the boot loop.