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Interesting question.
My guess is that its still powered, but takes a small amount of energy like when you sit in 2d (desktop mode) compare to extensive 3d gaming.
You could measure the consumption using kill a watt or similar measurement tools to see if it actually drop when you power it off.
http://www.p3international.com/products/p4400.html
Are you worry about you electric bill ?
Do you want to do some gaming ?
If you only want a desktop , i am pretty sure small card dont use much power.