Updated to 5.2.6. When I boot the phone in the bootlog the cpu is set to 1267mhz. With CPU spy i checked it - it never goes up. Left the phone for 30 minutes, went in deep sleep, checked again - CPU started scaling to 2265MHz.
Test 2: restarted phone: bootlog shows the cpu limit set to 1267mhz. Right after the bootup - never goes up 1267mhz, left it for 1 minute locked. Unlocked, checked directly cpu spy- started scaling to 2265mhz. This time it didn't go thru deep sleep.
Summary: after I lock the phone and then unlock it the CPU limit is gone. Switching between performance/balanced power setting reapplies the CPU limit. But after I lock and unlock it its once again gone.