I am having the exact same problem. I run the Intel Power Boost monitor while playing WoW and it does not turbo boost for intense gameplay.
i7-720qm with an ATI Radeon mobility HD 5870 that should handle the game with no issues. Plase help.
The problem is the GeForce 230M Graphics card which is roughly equal to a GeForce 9500 GT or in other words no where near powerfull enough to run WoW at max settings. The processor isn't running faster becuase there isn't a reason to, the game is bottlenecked by the graphics card.
You could try and reduce the screen resolution for better FPS.
The video card for your system is more powerfull, however its not powerfull enough to run at 1920x1080 with Max settings ? Maybe try 1680x1050 and Good settings