It may be in part, but I've read many user experiences where the CPU voltage is above Intel's Vmax spec when idling, and below Intel's specified minimum under load (taken from from Intel's P4 electrical specs)
Two-phase VRMs can be about as effective as 3, 4, + phase VRMs, but Asus' does not seem to be. There are large fluctuations under high current draw and not just transient loads; plus, switching frequency is too low to match the flat output of most 4-phase solutions.
Anyway, regardless, I guess I will find out whether the staggered differential pair, 2-phase solution used on the P4G8X will keep up with a 70A+ current draw