You are correct. I unloaded VoodooI2C (hooray for proper unloading support, I expected the computer to freeze) and kernel_task went down to 2%. I can't wait for the new version to come out (they've been hyping it for a while now). Idle frequency didn't go down though – still 1.2Ghz. Must be something else then? I'll have to look around.
I also noticed while running Geekbench again that the CPU won't TurboBoost all the way up to 2Ghz (as advertised by Intel). If anything, it will go from 1.2Ghz to 1.5Ghz for a second or two, then back down to 1.2. Is this expected? Perhaps Apple tweaked their FrequencyVectors so the MacBook wouldn't get too hot?
EDIT: it TurboBoosts alright. Not sure why GeekBench wasn't pushing it, but I ran higan (accurate, CPU-heavy Super Nintendo emulator) and it reached 2Ghz. In fact it's better than before, with MacBook11,1 I wasn't getting 60 FPS so gameplay was choppy. It's smooth now.