The cpuspeed init script doesn't touch /var/lock/subsys/cpuspeed, like the other init scripts do. Aside from being just generally bad, this causes cpuspeed to start multiple times when switching between runlevels 3 and 5. (kernel-utils-2.4-9.1.115 from Fedora development)
this should be okay in the current release!
Yes this was fixed a long time ago, however Bug #119770 still seems to be an issue. I'm not exactly sure how though.