Floating point multiplication is one of the most frequently used arithmetic operations in a wide variety of applications, but the high power consumption of the IEEE-754 standard floating point multiplier prohibits its implementation in many low power systems, such as wireless sensors and other battery-powered embedded systems, and limits performance scaling in high performance systems, such as CPUs and GPGPUs for scientific computation. This paper presents a lowpower accuracy-configurable floating point multiplier based on Mitchell's Algorithm. Post-layout SPICE simulations in a 45nm process show same-delay power reductions up to 26X for single precision and 49X for double precision compared to their IEEE-754 counterparts. Functional simulations on six CPU and GPU benchmarks show significantly better power reduction vs. quality degradation trade-offs than existing bit truncation schemes.