It is probably Vdroop that is causing the difference between requested and actual voltage. Some motherboards have a way to turn off Vdroop, or limit it somewhat, but YMMV.
Which CPU are you using. Is 1.26v the max that motherboard can do?
I've noticed that with my own P35-DS3L, the voltage reported by CPUZ is significantly lower than that which I've set in the BIOS. And we're not talking vdrop here either, this is at idle. While this kind of deviation is to be expected to a degree with all boards it's still pretty large on the P35-DS3L.
With that being said it doesn't bother me much, I just go by what CPU-Z reports and adjust my BIOS vcore setting appropriately while keeping an eye on my temps.
For example, right now my vcore is set in the BIOS to 1.4125 and in CPU-Z at a completely idle state the core voltage reads 1.360v. Under load (Prime95 all cores) it goes down to 1.328v which is about your normal vdrop.
Maybe it's something unique to the quad cores and this board? Or maybe it's due to the fact that this board doesn't have an 8-pin EPS12V connector and only uses a 4-pin instead. *shrug*
It's not unique to quads, I have an E4400 (which happens to be voltage hungry) at 3ghz with the bios set at 1.5v. CPUZ shows 1.456 idle, 1.440 load. So while I don't have much load voltage drop, I have a huge inconsistency between bios and CPUZ. It's like this with whatever bios I try. I've had F6, F5, F3, and now F7, and hoping F8 will address the issue.
At stock clocks, with voltage set at 1.325, my processor's VID, voltage shows as 1.27, so the drop of ~.6 volts is there no matter what voltage.