The settings I use are based off of 60+ hours of testing. Originally my plan was on using a 1.2ghz Low Voltage kernel for the life of my Droid and use power bias to not allow it to get to 1.2Ghz unless the system really needed it. But as I tested, I found that 1.2Ghz was simply overkill. The only program that could actually use it was Google Earth. So I stepped back down to a 7 slot 1.0Ghz low voltage kernel. Once I did that, I found I didn't need a power bias for daily use because I was able to go 24 hours between charges.
If I was forced to use a Medium Voltage kernel, I firmly believe I would need to use Power Bias to help get me to 24 hours between charges.
Part 3 of this thread was scrapped the second I heard whispers of 2.2 actually being out in the wild. And now that I have it, I am testing 2.2 beta 2 with SetCPU to see what Advanced settings can now do.