Is Intel SpeedStep technology enabled in the BIOS?
Look for Intel Speedstep or EIST or Enhanced EIST in the BIOS and make sure it's enabled.
It is functionally identical to AMD's PowerNOW! technology in that it lowers the CPU's clock when it's not too busy.
If it is disabled, your CPU will be running at 3GHz even when idle instead of 2.4GHz (which I believe is the idle speed of a 3GHz P4)
Frank.