Here is a table from an HD 5770 which does downclock when using two monitors (although not as low as when using one monitor).
Code:
[ 3.192710] [drm:radeon_pm_print_states], State 0: Default
[ 3.192715] [drm:radeon_pm_print_states], Default
[ 3.192718] [drm:radeon_pm_print_states],
[ 3.192723] [drm:radeon_pm_print_states], 3 Clock Mode(s)
[ 3.192727] [drm:radeon_pm_print_states], 0 e: 860000 m: 1200000 v: 1125 No display only
[ 3.192733] [drm:radeon_pm_print_states], 1 e: 860000 m: 1200000 v: 1125
[ 3.192738] [drm:radeon_pm_print_states], 2 e: 860000 m: 1200000 v: 1125
[ 3.192743] [drm:radeon_pm_print_states], State 1: Performance
[ 3.192747] [drm:radeon_pm_print_states], 16 PCIE Lanes
[ 3.192750] [drm:radeon_pm_print_states], Single display only
[ 3.192753] [drm:radeon_pm_print_states], 3 Clock Mode(s)
[ 3.192757] [drm:radeon_pm_print_states], 0 e: 157000 m: 300000 v: 1000 No display only
[ 3.192762] [drm:radeon_pm_print_states], 1 e: 600000 m: 1200000 v: 1000
[ 3.192766] [drm:radeon_pm_print_states], 2 e: 860000 m: 1200000 v: 1125
[ 3.192771] [drm:radeon_pm_print_states], State 2: Default
[ 3.192775] [drm:radeon_pm_print_states], 16 PCIE Lanes
[ 3.192779] [drm:radeon_pm_print_states], 3 Clock Mode(s)
[ 3.192782] [drm:radeon_pm_print_states], 0 e: 400000 m: 900000 v: 1000 No display only
[ 3.192787] [drm:radeon_pm_print_states], 1 e: 400000 m: 900000 v: 1000
[ 3.192792] [drm:radeon_pm_print_states], 2 e: 400000 m: 900000 v: 1000
[ 3.192796] [drm:radeon_pm_print_states], State 3: Performance
[ 3.192800] [drm:radeon_pm_print_states], 16 PCIE Lanes
[ 3.192804] [drm:radeon_pm_print_states], 3 Clock Mode(s)
[ 3.192807] [drm:radeon_pm_print_states], 0 e: 400000 m: 1200000 v: 1000 No display only
[ 3.192812] [drm:radeon_pm_print_states], 1 e: 600000 m: 1200000 v: 1000
[ 3.192817] [drm:radeon_pm_print_states], 2 e: 860000 m: 1200000 v: 1125
[ 3.192822] [drm:radeon_pm_print_states], State 4: Default
[ 3.192825] [drm:radeon_pm_print_states], 16 PCIE Lanes
[ 3.192829] [drm:radeon_pm_print_states], 3 Clock Mode(s)
[ 3.192833] [drm:radeon_pm_print_states], 0 e: 157000 m: 300000 v: 1000 No display only
[ 3.192837] [drm:radeon_pm_print_states], 1 e: 157000 m: 300000 v: 1000
[ 3.192842] [drm:radeon_pm_print_states], 2 e: 157000 m: 300000 v: 1000
With one monitor the State 1 section is used, with the 0/1/2 modes matching the low/mid/high power profiles.
With two monitors the State 3 section is used, with low profile dropping the engine clock to 400,000 kHz.
I get the same behaviour in Windows 7 using the Catalyst driver, I checked the clock values using GPU-Z and looking at the sensors tab.
IIRC bridgman has said that the power tables are set by the card manufacturer and are different for each card. This particular card is a Sapphire Vapor-X HD 5770.