It's a decent app, but it's worth calling out that caveats. As Dave said earlier, all things being equal, (clockspeed wise) the powerplay features don't impact performance. I've personally proven this through exhaustive benchmarking. (I'm very anal about performance) I don't think Afterburner is a good "daily use" application, but for extreme overclocking it's definitely worth while. With a 2.66 celeron, even overclocking is bound to have a minimal impact since your're very heavily bottlenecked CPU wise.
While you are 100% correct, I would like to say that sometimes changes that don't have much or any impact on performance on a fast system, have a bigger impact and more noticeable on a slower system like mine for example. I can say that disabling PowerPlay did not improve frame rates but it did lessen the swing in frame rates slightly that I experience with this system, which is what I was trying to achieve.
After all this I've ended up scoring a E8400 Core2Duo and EVGA 790i Ultra SLI for $50 off a mate of mine, so I will set all that up once my RAM arrives and hopefully no more crappy frame rates with or without PowerPlay :-D