I mentioned this info related to the fuse values over in this other thread as well:
http://e2e.ti.com/support/arm/sitara_arm/f/791/p/234498/1106175.aspx#1106175
It's not required to use Smart Reflex. The result of Smart Reflex is that you end up operating the device at a voltage that's lower than what's in the data manual, i.e. the data manual voltage is a "worst case" voltage accounting for process variation. You end up running at a voltage that's "tuned" for your specific device. This is results in lower power consumption and less heat.
Keep in mind that junction temperature is extremely important with regard to lifetime. At 1 GHz, operating at a junction temp of 90C gives 100k PoH while at 105C you only get 37k PoH for this specific device. So I mention this because you said you're not a mobile device, but I wanted to illustrate the point that depending on how well your product dissipates heat and what kind of environment it's in, you may still have significant advantages to Smart Reflex. For example, if you're in a sealed environment where you can't dissipate heat very well, Smart Reflex might easily bring your junction temp from over 105C (where lifetime would be shorter) down to under 90C so you get the full 100k PoH.