"Balanced" VS "High Performance" - What's best for GAMING?

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Hey simple question: for a gaming system that runs on Windows 8.1? on the power settings: "Balanced" or "High Performance" ?

I noticed the major difference between the two modes:
I have an Intel i5-3570k Overclocked to 4.4 GHz (default is 3.8 GHz).
I know that those new CPU's works with Turbo modes, meaning it does not run on maximum clock peed all the time.

Using Core Temp, power plan set to "Balanced":
When I start up windows, when on the desktop, or browsing doing minimal processes or actions: cores run on 1600 GHz!! with low loads, it will temporary raise to 2000-2400.
BUT: When loading, performing demanding processes and gaming: it will go up to 4,400 GHz - and stay that way.

Now on "High Performance" mode:
Since start-up, and 100% of the time: runs on 100% performance meaning CONSTANT 4.4 GHz.
You can even hear the CPU noises (fans I think) on desktop.

What do you think? Stay on "High Performance" - like some guides suggests, OR use the windows recommended default "Balanced" that probably keeps the cpu cooler, less power consumption, longer lifespan? quieter?
 
Solution
I use the Turbo setting personally. As you say, the CPU boosts up the speed when you need it, so I dont see the point of having it run at full speed all the time - just creates more heat and uses more power.
Running at lower frequencies would mean longer lifespan, less power consumption, lower temperature and quieter, yes.

Honestly, try it out. If you see a performance boost in tasks where you need more CPU power from being on high performance, use it. If not, there's no need to have it on, so don't.
 

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Quite honestly guys, it does seem to run at maximum clocks/power when in gaming or heavy loads anyway, so going "high performance" is like forcing a runner to do sprints non-stop. Not much point.
I just wanted to make sure, cause I saw an SSD optimization guide that suggested going on High.
Besides, "Balanced" is the Windows default and recommended setting, and it will be a shame no to utilize the awesome Turbo feature, that Intel CPU's are designed for.