I don't think apple made the Macbook Air in 2001
I don't think it will. It -- AFAIK -- throttles CPU speed/voltage based on load, not power profile. If you give it a full load on battery power, it will work as hard as it can to finish that workload (which may actually save battery -- 1 minute at full speed and 1 minute at idle speed may well be more efficient than 2 minutes at 50% speed).
What's important is throttling the voltage, not the speed.
We need the Coolbook developer to update his software, really.
Thanks for the info. Bit surprised there is no inbuilt Mac OS X way of throttling the CPU down to lengthen battery life especially if doing very low intensity tasks like taking notes in class (i.e. word processing). I remember in older Macbooks at least, there was an option to click on Power and set to better performance or better battery which was probably CPU throttling?