CPU running half speed on ThinkPad with FC2

[Steven Garrity]

I'm running FC2 on a 2GHz ThinkPad T30 (more info at: 
http://www.fedora.us/wiki/ThinkPadT30).

Things have seemed oddly slower compared to FC1 (I didn't a clean 
re-install, not an upgraded) rather than the performance improvements I 
had expected from the newer kernel and nautilus.

I've done little or no customization beyond installing some addition 
applications via yum.

"cat /proc/cpuinfo" gives me the following:

processor       : 0
vendor_id       : GenuineIntel
cpu family      : 15
model           : 2
model name      : Mobile Intel(R) Pentium(R) 4 - M CPU 2.00GHz
stepping        : 7
cpu MHz         : 1199.154
cache size      : 512 KB
fdiv_bug        : no
hlt_bug         : no
f00f_bug        : no
coma_bug        : no
fpu             : yes
fpu_exception   : yes
cpuid level     : 2
wp              : yes
flags           : fpu vme de pse tsc msr pae mce cx8 mtrr pge mca cmov 
pat pse36 clflush dts acpi mmx fxsr sse sse2 ss ht tm pbe cid
bogomips        : 3956.73

The "cpu MHz" is always 1199.54, regardless of whether I'm running on AC 
power or battery, and even though it's a 2MHz processor.

I understand that "speedstep" processors can run at a lower clock speed 
to conserve power. However, I would have thought that it would run at 
max speed when not on battery power. Also, the system feels noticeably 
slower overall vs. FC1.

Any help would be appreciated. Thank you,
Steven Garrity