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On the 200 series and 8k series if you ran two monitors on one card, then that card would run at full speed. My guess is that is true for 400 series as well. Point being, I think you could get lower idle clocks if you plugged one monitor into each gpu.
Another possible benefit (I've been told) is that some gpgpu applications require a monitor attached to every gpu to get acceleration from that gpu.
I have always used each gpu for a separate displays when possible.
no not true, the multi-display 2D clock bullcrap was fixed on the 400/500 series cards. (yes i'm still pissed about it taking nvidia that long to fix something so friggin obvious)
also not true on the multi gpu acceleration. that was a cuda thing and nvidia added SLI/non SLI multi card cuda support in the 197.xx drivers broke the feature in the 256 beta drivers then semi fixed it in the 258.96 drivers, and completely fixed it in the 260 and later drivers. no more need for dummy plugs.
the only ill effect it could have is that on rare occasions it can create a performance loss, for example you have something using hardware accel/flash or something along those lines on the second screen it will share the gpu that both displays are connected to which will effect gaming performance on what evers being played on the other screen. but thats fixable by disabling hardware accel on the application running in the left/right display.
no not true, the multi-display 2D clock bullcrap was fixed on the 400/500 series cards. (yes i'm still pissed about it taking nvidia that long to fix something so friggin obvious)