Yes, it's normal. My wifes car does it too. Nothing to do with hypermiling. Has to do with the mechanics and programming for the cruise system. The car doesn't know exactly how far to push the pedal, no tables to look upandno predictive algorythm. All it does is read the VSS speed and if you go too low, it opens the valve on the cruise control servo momentarily to open the throttle. Once you get to the upper limit, it opens the other valve to vent some vacuum from the servo and close the throttle slightly. All cruise control systems do it to some extent, usually not noticeably though. the P5 is the worst I've noticed and I've owned and driven a pretty wide variety of cars.
I actually noticed it by feel first then confirmed it when I got a SG2. According to the SG2, at any given speed I can usually average 1.5-2 mpg better than the cruise by having a steady foot and if there are hills, predictively adjusting my foot rather than responding after the speed changes (up or down).