first of all, its called speedstep, and as far as i kno, all PIII and PIV's have it. what it does is runs ure cpu clock speed at full (rated speed) when it is plugged in, but when you are on batteries it "underclocks" it to make your batteries last longer. it also keeps your laptop much cooler. oh and you can turn it off all the way or have it "underclock" when you are plugged in too.
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