CPU-Z is correct. this is what we call vdroop.
The motherboard can't provide the correct voltage to the cpu, (please don't ask me why, i'm not entirely sure, probably something to do with efficiency..) but vdroop is the difference between the voltage set in bios, and the actual voltage reading (which cpu-z shows)
vdrop (1 less 'o') is the difference between the voltage shown in cpu-z at idle, and the voltage shown in cpu-z at load (if you load up the cores with prime, you may well see the voltage drop even further in cpu-z)
Don't worry, your board isn't faulty, this happens on a lot of boards, there are even some pencil mods out there that can help fix this problem, depending on board...
If there's a setting in the bios called 'loadline callibration' try enabling that, it sometimes help reduce the ammount of vdroop (unless it's an nvidia chipset, then turning this on generally just makes your cpu even less stable =\)
EDIT: Beaten.
And to your other question, speedstep is an energy saving feature of intel cpus. When enabled, it will drop the voltage and multiplier of the cpu when it's idling to save on power. When you put some load on the cpu, then the multiplier and voltage will shoot back up to their normal value. The settings in the bios will be called EIST and C1E