I was really curious about this so I set up a test.
I just got a gigabyte p35-D3SL and started overlocking an E4500 on it.
To measure the voltages on vcore I used an oscilloscope connected to the fet output on the board.
I found something interesting.
The voltage in the bios , set to 1.38, was only 1.34 at the actual fet
When I ran the processor under load, both cores.
The voltage fluctuated between 1.3375 and 1.3425 .
The thing I found the most interesting is that after looking at the scope capture for an hour, it formed a perfect square wave output, with the 1.3425 being the peaks.
Not sure of why there is such a large diference in the bios setting of 1.38 and the actual output at 1.34. All other voltages, 12, 5, 3.3 stay well within spec.