Jacob has posted a semi-explanation of this on OCN before.
If I recall correctly, basically, the chips themselves aren't binned at all. In other words, they don't test all their chips and save the best for the Classifieds. They do, however, make sure that the cards can run at advertised speeds at default settings, and certainly not all can.
He kind of hinted that, because of this, they do have the option to release another model (like Classy LE or something) with the cards they have that didn't pass "binning."
The Classified basically truncates the distribution of max clocks at the bottom end, but really says nothing about the top end. You aren't guaranteed to get a great clocker, but you are guaranteed not to get a terrible clocker.