Many people seem to concern about speedstep for the Hackintosh, I believe when we use vanilla Kernel and correct SMBIOS.plist, it’s automatically working. I checked my Lion 10.7.4 vanilla Kernel on i5 2500K Asus-P8Z68-V LX speedstep by comparing the cores temperatures at idle and full loads and they do change just like in windows 7. Since there are no CPU Z for Mac OS X, the only way to check the speed step is by the temperature changes. If you have better ways to check, please let me know. Asus-P8Z68-V LX is the best motherboard for the speedstep function as I can see.
Handbrake in Lion is much faster than in Windows. Lion rocks.