Well, more or less they actually do have similar features, except they aren't (to my knowledge) triggered automatically by the hardware, but programmably by the drivers. GPUs have been frequency-programmable ever since the Voodoo1, mostly, using programmable clock-generator chips onboard. Newer GPUs also support programmable VRMs on-card, and generally they have a slightly higher-voltage setting when in "3D mode" (as controlled by the driver), vs. when they are in 2D-only mode.
(That brings to mind a question - since Longhorn's new Aero UI will use advanced 3D card features to render the basic Windows' UI, won't that mean that the card will be in the higher-powered "3D mode" all of the time? Sounds like they will generate a bit more heat then too.)