Just a couple of quick clarifications on some things:
1) Everyone (including me) always recommends that if you use smartass, don't use profiles, as that is what smartass will do automatically, and the two will fight each other. That's *sort of* true. What will happen if you use profiles, is you will change the max/min under certain conditions, and smartass will not set the frequency where it should under those conditions. Likely, you won't notice many issues unless you start using battery level type profiles. In any case, if you ever feel the need to use profiles with smartass, just make sure your profiles use a different governor. I don't know why you would want to do that (with a couple of exceptions), but it is possible. One quick note - if you use the Savaged Zen kernel with the Savaged Zen governor (which is based on smartass), it sometimes doesn't wake the phone up right away when you press the power button. You can get around this by creating a screen-off profile that makes the max/min very low (as usual), but uses a different governor such as conservative. This is really the only time you'd ever do this.
2) Back to the whole vdd_levels_havs thing, the flashable zip to lower the voltages is an init script, not a flag file

. An init script is a script that will run at boot. Text files in /sys will affect the behavior of devices. For example, this is where your min/max frequency, governor, etc. are stored. On each boot, they are set to default. The HAVS levels will be reset on each boot unless you tell it to be lower. That init script will modify the vdd_levels_havs at each boot to tell it to do that. A flag file is just an empty file that tells an app, script, etc. to behave in a certain way due to the presence of that file.