I'm running an AMD Phenom II X2 555 on an ASUS M4A785TD-V EVO motherboard. When Cool and Quiet is turned on, my cpu keeps running 800 mhz with a 4x multiplier, even when the cpu is under load. I can confirm this because when CnQ was on, I experienced subpar framerates while playing games but after turning CnQ off, everything ran smoothly. My guess is that the CnQ feature is not working properly. Thought I don't mind turning it off, it'd be nice to have it working because more often than not I'm not doing anything CPU intensive.
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Oh I forgot to mention I'm running Windows 7 64bit.