I think that issue was fixed in a BIOS update a month ago.
I finally got around to testing this. I loaded up the latest BIOS (F6 for the GA-P55M-UD2) and tested it by turning on XMP. Same behavior as before. The board increased my memory multiplier to x12, and decided to be safe by "taking away" functionality such as Turbo and EIST.
In fact once I booted up with XMP on, I found that I had a CPU locked at 2.93 GHz. It's easy to "fix" though. As I described earlier, you just have to manually tell the board what you want it to do. On the Advanced CPU Core Features page change:
Intel Turbo Boost Tech. - from Auto to Enabled
CPU Cores Enabled - leave as All
CPU Multi-Threading - leave as Enabled
CPU Enhanced Halt (C1E) - from Auto to Enabled
C3/C6/C7 State Support - from Auto to Enabled
CPU Thermal Monitor - from Auto to Enabled
CPU EIST Function - from Auto to Enabled
Bi-Directional PROCHOT - from Auto to Enabled