Correct... but the trick is that you can use a lower voltage "v" when operating at a lower frequency. This is a "squared" relationship. The missing data is how much you can drop v for a reduction in speed, but the answer is just a little... but that can have a big impact.
In addition, it appears that with the 90nm process Intel is operating in a region where leakage power is growing exponentially with operating voltage, so they should get a substantial drop in leakage power with the voltage reduction. --Alan