There are many environments where you don't have a laptop that
is completely off. If you're on a wireless network using a VPN,
you almost always have some network traffic on your system.
Email programs, browsers and other little programs that wake up,
take a look around and then become dormant again can keep a
system awake.
In my performance testing, I have to go around and shoot all of
the background processes to get consistent results and getting
a Windows machine to be quiet can be difficult with all of those
background services running.
On Cool n Quiet, it does drop the processor speed quite quickly.
This generally isn't noticeable with applications but it is very
noticeable on benchmarks and can result in benchmarks taking two to three times longer.
I think that the ability to underclock your notebook to 400 Mhz is worth something in terms of battery life.
One other thing is that I would rather get a system with a decent video card and that seems to be a big battery killer. I had a look at HP's business AMD notebooks and the deal-killer for me was the shared-ram video. It looks like many vendors are putting in low-power video for Turion notebooks.
For me, I'm almost always with a power cord so battery life is not a big deal. Crunching builds and compile times are.