Exception handlers won't save you either. Unless you consciously consider every memory allocation failure, your exception handlers will be too high level and result in your program either aborting by itself or becoming unusable. Did you pre-allocate enough resources to pop up an 'out of memory' error window? Good luck failing gracefully.
Memory allocation is special.
Again it's imperfect world saying that "it won't work because x, y, z will happen" is not the right attitude and is bad attitude. Most of your code should treat it as just a resource allocation failure and in a sane program that is indicated by propagating an exception up the stack. Now you might be right that the program might fail when it'd be the time to display a message box to the user or whatever. But somewhere in the middle layers of the code you don't have that context, you don't know that it will fail. Therefore that part of your code really should be (exception) neutral just like in any resource allocation case.
The other point is that there's a distinction between kernele's view of OOM condition and some memory managers's OOM condition. Consider you run two processes, both allocate X gigs of memory and both succeed. However once you start running and committing the memory you'll get a kernel OOM condition and one process is killed. This is the overcomitting you mentioned.
Personally I don't see why people make such a big fuzz about dealing with memory allocation failures. Memory is just a resource same as any other OS resource, socket, mutex, pipe whatever. Normally in a well designed application you throw on these conditions and unwind your stack and ultimately report the error to the user or print it to the log and perhaps try again later. Just because it's "memory" should not make it special IMHO.