I think it's an API (DirectX 9.0) issue as some people have been saying.
I've been playing around with the Occlusion Culling setting:
When OC is enabled GPU is running at around 80% and CPU somewhere between 70-80%, then I disable it (the middle part) GPU drops to 70% (also the FPS by 10) and the CPU is around 60-70%, after I enable it again both return to their original values.
What does that tell us? When the GPU is more utilized so is the CPU, neither of them are "bottlenecks", at least that's what I think.
It increases/decreases by 10 FPS respectively.
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I've ran the same thing with the HW benchmark; never, not even the highly populated scenes, caused the GPU to go much below 100%. But I personally doubt they were as highly populated as Mor D'hona.
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I went ahead and made a comparison of Dx9 and Dx11:
Dotted Lines are DirectX 9, continuous DirectX 11.
The average CPU load is about 10% less with 11 than 9.