There are several advantages on having a rooted device. One of them is that it allows you to install apps that would otherwise be barred by the device itself. The other advantage is that this allows you to do other fun things like making your device faster and/or more battery efficient. XDA member inteks has released a tool that he was working on for his Xperia Neo. Basically, this is like SetCPU but with a more dedicated focus on the Xperia devices. This program will allow you to change frequencies (overclocking), play with voltages (undervolting), and it also takes some functions from other similar apps like SetCPU, No Frills, and IncrediControl. You have to keep in mind that the heart of these functions do not lie in the app itself but rather in a custom kernel that enables all of these. So, if you have a rooted device running stock kernel, you will likely not be able to do much.
Please take it for a spin. The dev just recently released an updated version with several bug fixes, so please leave your feedback. Lastly (and as always), be careful when you play with the processor settings as this has the possibility of damaging your device.
Overclocking Undervolting System Tweaks Tool for Sony Erricson Xperia Neo Arc
now modified(and optimized) it to work with my NEO (arc play X10 X8 and maybe others should work too).
You can find more information in the original thread.
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