i have the same mobo as the previous poster, and yeh on that mobo, using auto and going high on the fsb, will indeed have the chipset running at max volts when its not needed.
Also iv noticed with auto vcore, and speedstep on i my vcore for a 4ghz clock on a E8400 was stupid in cpu-z, if i remember rightly something like 1.45v.
Where as if i do the clock myself, with speedstep off, its prime stable at 1.28v.
Ofcourse all motherboards are different, but for the best possible overclock, at lower volts, both cpu and chipset, its better to spend the time tweaking it yourself. But its all swings and roundabouts really, if ur not aiming for a really high clock then auto is fine, just most know they can get away with lower volts if they do themselve. Id never personally advise to really push for high clocks using auto.