I've been using the msm-dcvs governor in CyanogenMod, and I've actually been having the opposite experience. It seems to max out around 1134MHz most of the time, though CPU Spy shows that higher clock speeds are being used, but rarely. The rest of the time is spent mostly around 384MHz. I haven't really tested it fully yet, let alone against ondemand. I'm going to keep using msm-dcvs since Qualcomm made it specifically to take advantage of our processors' scaling and voltage features. I haven't had any problems.
Well, I've actually been forced away from msm-dcvs because there is a bug in the AOSP Jelly Bean implementation, and none of the devs involved with either CM or other AOSP projects will acknowledge that the problem exists, let alone fix it. So, I've been using the Ktoonservative governor. It's working pretty well for now, but I'd prefer if msm-dcvs just got fixed instead
Out of curiosity, what problems were you having? I have Voltage Control set to apply noop/ondemand at startup, but I just temp changed it back to msm-dcvs for kicks to see how it goes. I know it's the stock governor that came with the phone, so I'd like to stick with that if possible.
I thought I remembered seeing the speeds always be towards the higher end before, but I'll run it again now and see what happens. I'm using FreeGS3, v0.1.1 right now for what it's worth.