@ Joshua Bines: I actually only found it on virtual servers at first (running on VMWare), then, ran into more setups and found it on any/all types of servers. I think it depends on the driver, as I have seen several (and others pointed out) NIC's don't even have the 'power management' tab. Which is ideal. I don't know of a compiled list of which drivers/versions have/do not have the power management tab.
@ Will Shepherd: I doubt it would require a reboot, as the setting takes effect upon making the change. You are correct, the NIC will reset itself. Unfortunately, I can't test this, as my hyper-v server NIC's do not have the power management tab available. Maybe someone can verify if they use the PS that it does not require a reboot? I just don't have current access to a machine that I can test.