If turbo boost were working, you would first see "un-used" processors "park" and then you would see the remaining processors core frequency increase. I do not know of a way to monitor the processor core freq from within ESX but a hardware SNMP agent might be able get that info from under ESX.
As an indirect measurement, I use ESX in Workstation 7 to sandbox some scenarios for work. For a fact, the processors never slow down but some do park in ESX on Workstation 7.
If you have your manufacturer's hardware SNMP agents running or have ILO (or simular functionality from your BMC) you might be able to see what Turbo Boost doing when ESX is loaded directly on the hardware.
I have not pursued this on my own because I do not run ESX in a manner where I would ever expect that boost to a core or two would be desireable in that that would require some physical cores to shut down. For me more cores == more better.