Replying to my own post as a follow-up. I just checked another machine that I am burning in with CentOS 5.2, and it has the same problem: load average ~0.4 when idle. Both of these machines have Supermicro X7DBN motherboards, but one is running a single quad-core CPU (Intel Xeon) and the other is running two dual-core CPUs (Intel Xeon). Anyone else seeing anything like this?
Do you have hyper-threading turned on in the bios? What shows in cat /proc/cpuinfo
do you have 2 virtual CPU's per core?
I would be bet that performance improves by turning hyper-threading off.