We're in business!
I requested a Beta BIOS from MSI that would allow Cool -n Quiet to work with Linux and quite surprizingly, they sent me one and it does work.
Attached is the BIOS image they sent me for the MSI K8N Neo. Here's my recommended method for BIOS updating:
C:\> AWFL833D W7030NMS.151 /py /sn /Wb /cd /cc /cp /E
If all goes well, CTRL-ALT-DEL. Then hit DEL to enter your BIOS and reset everything to your liking.
I've been testing the 2.6.8-1.603 kernel with FC2. I tried the new cpufreq_ondemand frequency governor and it does work, though I have noticed some slight glitches--expect these to be resolved in FC3 final.