Hi,
That power supply isn't just powering the PLL. There are other circuits dangling off there that contribute to the static power. And in the design of the part, we decided that the benefit of those circuits outweighed the power they consume -- remember, you are still getting power no worse than Cyclone II in the smallest devices, and Cyclone II has signficantly better power than competing devices.
As we get a few CIII devices back from the fab, we'll be adjusting our power specs. I'd hold off passing judgement until we've done so!
Regards,
Paul Leventis
Altera Corp.