Likewise, the "UnCore" part of the CPU (L3 cache, memory controller, etc) will draw a fixed amount of juice anyway independently of SpeedStep, so halving freq won't exactly halve power consumption (core gets pulled off of VCore, uncore feeds off of VTT). Same is true of running the iGPU (another fixed minimum load within the CPU), which is partly why dual-cores are 55w TDP not 42w (exactly half of quad's 84w)).
Edit: Likewise for load power, a maxed out 4-core x264 encode draws only 33% more juice vs 2-core (on my rig anyway), yet provides over 80% higher fps.
From what I remember this UnCore thing is only true for Nehalem and HW. SB and IB have cache running at the core clock with HW they changed it to the way it was in Nehalem. You are probably right about the memory controller etc. though but cache is clocked at the same frequency as the core clock in SB and IB.
UPDATE: Yes, the memory controller sits on a separate voltage plane. VCCIO is the memory controller voltage, default at 1.05V so much less then Vcore. And VCCSA system agent voltage default at 0.95V involved in keeping BCLK at 100MHz.
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