I was curious about this so I tested my i5 750 at three different settings. For idle, I measured the lowest consistent power draw on the desktop, for load I used prime 95 64-bit with 4 threads on large FFTs and took the highest consistent power draw. "Real" voltages were measured using CPU-Z. Power draw was measured from the wall using my Kill-A-Watt. Details and results:
Current overclock - 4.0GHz (190x21) @ 1.35V BIOS, 1.344V by CPU-Z, no EIST, no C1, no C4,C6,C7, rest of set-up in sig
Desktop Idle - 123W @ 1.344V, Load - 267W @ 1.344V
Stock - 2.66GHz (133x20), Turbo on (2.8GHz load), "Normal" voltage set in BIOS, EIST on, C1 on, C4,C6,C7 on, RAM @ 1333MHz
Desktop Idle - 76W @ 0.848V, Load - 180W @ 1.248V
Undervolt - This is a quick and dirty undervolt I did while I was waiting for my Noctua cooler to come in when I first built the system (was on the Intel stock heatsink, which is a loud POS) - 2.66GHz, Turbo off, EIST on, C1 on, C4,C6,C7 on, RAM @ 1333MHz
Desktop Idle - 79W @ 0.976V (lolwut), Load - 138W @ 0.992V
Pretty interesting I'd say. Obviously, turning off power saving features kills the idle power efficiency of the chip, but it greatly stabilizes the overclock at lower voltages, which is a trade-off I'm more than happy to make. This chip is still much more efficient than my Q6600 was, and come this summer if the heat is a problem, I can always tinker around with the power saving settings at a lower overclock. Anyway, hope the data was insightful.