An apparatus and method for performance control of processing nodes is disclosed. In one embodiment, a system includes a processing node and a power management unit configured to, for each of a plurality of time intervals, monitor an activity level of the processing node, cause the processing node to operate at a high operating point during one successive time interval if the activity level in the given interval is greater than a high activity threshold, operate at a low operating point at least one successive time interval if the activity level is less than a low activity threshold, or enable operating system software to cause the processing node to operate at one of one or more predefined intermediate operating points of the plurality of operating points if the activity level is less than the high activity threshold and greater than the low activity threshold.