Hiperdispatch is a new workload dispatching mechanism that is available with IBM System z10 and z/OS 1.10 (or z/OS 1.9 and 1.8 with appropriate maintenance). Hiperdispatch improves system performance by doing such things as optimizing processor-level caching.
OMEGAMON XE for z/OS provides extensive information on Hiperdispatch. OMEGAMON XE on z/OS V4.1 provides support with PTFs UA39283 and UA39284, and APARs OA23220 and OA23223, and of course with OMEGAMON XE on z/OS Version 4.2 (V4.2 is GA, as well).
If you want to learn more about Hiperdispatch and what OMEGAMON shows about Hiperdispatch, Laurence Hart of IBM Corporation did an excellent presentation at Share in Denver. Session 5136, " Demystifying HiperDispatch using IBM Tivoli OMEGAMON XE on z/OS" is the best and most concise discussion I've seen of this topic (there is more to it than you may initially think). If you belong to Share, or have a copy of the proceedings, you should be able to get access to the material.