I did some more digging - specifically on the IBM developerWorks nmon forum.
http://www.ibm.com/developerworks/forums/thread.jspa?messageID=13881140�
I think you are getting close to the answer. This is a 4 CPU server - 4 dual core CPU's with SMT turned on and set to 2. The odd...
I am having a problem reconciling the various CPU utilization numbers that nmon is reporting. On the SYS_SUMM and CPU_ALL reports, the CPU Utilization is much higher than if you average the CPU utilization from each individual CPU report (on the CPU_SUMM page.).
For example...here's some data...
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