Well, I'm still experimenting, but right now I'm running the Conservative scaling.
In the Advanced tab, I've set...
Sampling Rate - Default is 300000 milliseconds. This is the frequency that SetCPU polls the CPU load. I set mine to 250000, but I'm not sure what effect it's having, good, bad or indifferent.
Up Threshold - Default is 80%. This sets the load threshold the CPU reaches before SetCPU steps up the clock speed. I set mine to 85%.
Down Threshold - Default is 20% This sets the load threshold the CPU reaches before SetCPU steps down the clock speed. I set mine to 25%.
Ignore Nice Load - Default is 0 (No) I have to re-read Michael Huang's instructions about this. I've left it alone. It's either Yes or No (1 or 0).
Freq Step - Default is 5% This determines the size of the step, I believe. I'm uncertain of this, also, so I've left it alone for now. But my kernel has seven steps, so it can go a maximum of six from low to hi & vice versa. So I'm not sure if dividing 6 into 100 (16.66%) isn't what it's actually doing. As far as I understand it, it can't step up in partial steps of the kernel.
So here's the deal; I set SetCPU to boot into Conservative Scaling, and twice now, during reboots, be them FCs from messing around or just from playing with a nandroid, I check on SetCPU to find the damned thing has booted into On Demand Scaling, instead, which of course is set much more aggressively. So I'm not sure what's going on, and I haven't had a good run of 30+ hours to check any settings thoroughly for battery longevity.
I also am running P3's 125-1250 MHz kernel, and 125 may do well for battery life, but it's pretty much useless for anything else. I did have a profile to set the max frequency to 125 MHz when the screen was off, and my battery was about dead in four hours, and she was hot. Turns out it was FCing & rebooting constantly. Disabled that smart idea, though I'll probably enable it for 500MHz. See, that's kind of the PITA with this kernel I'm running, as much as I like it. -There is no 250 MHz step on this one, which my Droid could handle with that screen profile when I used Chevy's kernel.
P3 does have another high frequency kernel that does have 250MHz as the low, which I think I might look into.
As for profiles, I have the following...
CPU Temp > 70.0* C..........700 Max 125 Min.........Priority: 100
Battery < 15%...................500 Max 125 Min.........Priority: 90
Temp > 60.0* C.................500 Max 125 Min.........Priority: 80 (battery temp)
Charging/Full.....................700 Max 125 Min.........Priority: 60
The last one, I dunno; My Droid seems to get hot while charging. I watched the CPU speed for a bit, and for some reason it was high, so I curbed it a bit.
The priorities only come into play when two of the conditions occur at the same time. Keep that in mind, and that it's probably best to put your CPU and battery heat thresholds as the two highest priorities.
S'all I know... I'll post results if I can ever get a good solid run, but the fact is rebooting seems to suck the juice pretty good, and I've been playing around a bit too much to observe anything longer than about a 6 hour clip.
I'd be interested to know what other people are running for kernels and how they've configured SetCPU.
I should also mention that although I do keep my screen time out low and brightness down, I often have my GPS, WiFi & BT on, and still get good battery life.