voltage (and power) is not directly related with the processor speed.
actually the processor speed is related directly to the transistor switching speed (do you know what a transistor is? and how it works?)
when current flows through material, some of its energy is lost (due to resistance) as heat. the higher the frequency the higher the heat. more heat -> temperature rises until conductor melts = dead CPU.
having in mind that modern processors are working @ frequencies higher than your microwave... you get the picture...
the way to deal with this problem is to use less voltage. but for each manufacturing process (65nm, 45nm or 32 nm or whatever) there is some voltage range needed for the processor to work reliably. this is because you need some current to flow through the chip (which has fixed resistance. this resistance depends on the number of transistors). so you need X volts minimum to run the chip (having enough juice running through it in order to keep those transistor able to clock (switch)).
thus this is ruff explanation on what is so called "thermal envelope" that is defined for each processor...
the nanometers (manufacturing process) comes into play with 2 factors:
1. number of transistors per square millimeter/inch.
2. smaller transistor - less voltage to operate + less resistance (smaller conductor surface)
well, they plan to build the new Ivy Bridge with the new 3D transistors...
what they are talking about is actually improvement on the point 2 I just mentioned - they increase the transistor's gate surface in order to improve the switching capabilities and heat loss...
so this means that these new processors for the same GHz will run with much less voltage, thus much less (heat) losses and ultimately being polite to your electricity bill...
or if your enthusiast and do not care that much about electricity bill, you can overclock much higher with the same thermal envelope...
(woo hoo!)