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I also experience this issue, exactly as described. 7970 on an Asus P7P55D-E Pro
Can confirm - using the crimson drivers with my 7950 the overclocking feature is broken. The core clock shows up as 1100 however GPU-z and other monitoring software shows stock clocks. As for the memory overclock - once applied it is stuck at 1400Mhz even if I reset the global setting. This is dangerous too because this bug actually locks down my GPU voltage at 1.25v all the time!
AMD fix this please...
I also have this issue with new Crimson driver 15.11.1 : I can't set a memory speed lower than 1450 (default is 1200Mhz).
Go into Games / Global parameters / Global overdrive
Increase memory speed up to 1450Mhz and apply.
Then try to decrease the value : impossible ! the lower setting is 1450 and you can't go below.
Also tried to reset to default values with the up-right button : speed is indeed set to 1200 but the cursor is still at 1450 !
I suppose you may get the same behavior with different values depending of your card (mine is a Sapphire Radeon 7950 Vapor-X).
The only way I found to change the value was to use Sapphire Trixx tool instead of the new Crimson tool.
This still hasn't been fixed in 15.12. I even removed them which returning my memory clock speed to normal but the issue returns once global overdrive is used again.
Okay, it's clearly Crimson UI bug, and currently there is no easy way to fix it. But there is still a solution (but after it you can't overclock your card through Overdrive - till official fix will be released).
Here is the only fix for now (tested):
1) Do a clean uninstall of your Crimson with DDU in safe mode
3) Install newest driver package again
4) Don't touch Overdrive feature.
After it you can run HWMonitor (or something similar) to finally see your card is working on 2d clocks again (woohoo!), and 3d clocks is set to default too. If you still need to overclock your hardware, use MSI Afterburner (work for me, and isn't bugged).
Sorry for my English, just want to help you all