I don't think there's any difference in performance. The machine will always give you the resources you require, whether you're on 'highest' or on 'automatic' setting. It's just a matter of battery life when mobile. The battery will discharge a little faster with the 'highest' setting because, like Maflynn said, it will require a constant higher voltage, with the 'automatic' setting the cpu will only require higher/highest voltages when you ask it of him.
I haven't tested this out, but maybe it is also a matter of heat generation. Lower settings, lower voltages, less power consumption = less heat generation, a cooler PB. Just a thought.