Not sure if this has already been mentioned, but I found out some interesting quarks about the REII today.
If you set the DRAM Bus Voltage to Auto it will push the voltage way past 1.65v in a heartbeat.
Here is some readings from Everest:
Voltage Values:
CPU Core 1.52 V
CPU PLL 1.82 V
North Bridge Core 1.27 V
North Bridge +1.5 V 1.51 V
South Bridge Core 1.32 V
South Bridge +1.5 V 1.51 V
QPI 1.50 V
DIMM 1.79 V

This is with the Core i7 920 @ 4.6 Gig (B-220 M-21)

Still can not get the WPrime 32 times below 6 sec, even pushing the system this hard.
I have no idea what could be causing this problem.