A while back, I tried out cpufrequtils package. I have an AMD X2 processor. I had success changing between the performance and conservative frequency governors, which would set the processor frequency to 2 GHz and 1 GHz, respectively.
The other day I picked up a Kill-A-Watt, after reading a posting by Guy Fawkes on technocrat.net. The Kill-A-Watt is a handy device to measure the power usage of electronics and appliances. You just plug the Kill-A-Watt into the wall, and the appliance into the Kill-A-Watt. Anyway, I was very surprised to find out that running the CPU at 1 GHz did indeed slow down my applications, but had no measurable affect on the power draw! I must be missing something. I think I'll go turn off my 117 W computer and use my 19 W laptop instead.