Normally your CPU throttles up and down with load.. so whatever the M8 CPU is, 2.2Ghz? if you're just reading email, you don't need the full 2.2Ghz, so it throttles down, to say 300-600Mhz because 1. it's less heat and 2. less battery usage.
I'm pretty certain that using High Performance Mode, turns off throttling and makes sure your CPU is always stuck at 2.2Ghz.. so in a sense, you'll get better performance probably, but you'll generate more heat and your battery will die quicker.
Running email and it'll throttle down.. Run a game/bench mark and it'll throttle up.. if you turn on HPM, it should turn off that throttling.