This is how i do it most times...and have had no trouble....however i believe this is one of those issues where seo's are divided....i think you have to do allot more "wrong" on page before this is taken as "over optimization"...in the same breath i have come to realize that not all sites are judged equally..so these days you have to get a feel for things as i don't think what applies for one applies for all.
Many businesses use a content management system that by default matches the page title and an H1 element. For that reason alone, it can't be the cause of a penalty - too many websites with good relevant pages would be taken out of the rankings.
I second what tedster said, this can also be done accidentally by webmasters which would damage the rankings of MANY websites across the web. I'd say, the key to ranking is the proper use of on-page factors as well as off-page factors when looking into link building. Make your site relevant and a great, unique resource for your users and you are golden
You should optimize your META description for it's use in Google's "Snippet", which can improve click-thru-rates for your site's in SERPs. This should also focus on accessibility, as people with screen-readers and other alternative viewing methods will have proper access to your site.
H1's are semantic markup, meaning they should define whatever the first heading of a page is (think of a Newspaper or Magazine layout). This is also used for accessibility, especially mobile, making it easier to scroll and browse through your page.
Title tags are still the top relevancy indicator for Google's algorithm, so special concern should be given to optimizing the Title tag for keywords, etc. This can be done concurrently while also providing a good user experience, focusing on branding, accessibility, etc.
Focus on these things, and you should perform well in search engines. I don't believe having a H1 tag similar to a title tag, similar to a meta description should trip any algorithmic penalty, but if it's not in accord with the above, it's probably not optimal in the first place.
A sidenote: Duplicitous META descriptions and Duplicitous Title Tags across multiple URLs is a serious issue that could result in de-indexation. Having one URL with similar descriptions and Title Tags is not an issue, however.
I know of atleast one big site that use same generic title and description tag across all its pages and still rank highly for many of their pages.It is good to correct them to make life easy for the spiders, but I don't see it affecting them.
But what could be a problem is wrong titles (or h1s) for the wrong content or auto generated pages with just titles but thin content to support those titles or h1 tags.If google's algorithm or manual checks detect auto generated stuff with no human (editorial) intervention in place, you may land up in trouble.