If voltage is marginal relative to what is really needed for a given core clock, so-called
clock stretching gets activated. In effect, this clocks the cores down but core clock monitoring programs don't show it. It can be seen directly by monitoring a specific processor performance counter, or indirectly by measuring application performance.
Source: "Strictly technical: Matisse (Not really)" at OCN, e.g.
post #229
Edit, therefore I suspect that many people who are seeing high clocks with non-default settings, especially with capped voltage, have clock stretching active, and either did not measure their application performance in comparison with stock settings, or did so and found that performance does not scale at all with (merely apparent!) core clocks.