yeah, most the new mainboards have now the default voltage for I/O set to 3.4-3.5V. as i said that is the one supplied to the chipset, RAM, PCI, AGP and some of the other components on the board - most part of the chipSet.
(un?)fortunately you wont get it over the 3.6V which is still a safe one, but, unless you really need it as high, you shouldnt raise it any further. i got mine down to 3.3V, since there is really no need to keep it high at the default 3.4V.