IMHO,
one single bank memory module, can clock few MHz higher than
one double bank memory module, can clock few MHz higher than
two modules in single channel mode, can clock few MHz higher than
two moudles in dual channel mode
For AMD nfoce2, I found that for two memory modules, putting in as dual channel cannot be clocked as high as putting them in as non-dual channel, by a few MHz.
So for AMD MB, the few MHz gain by overclocking a single memory module along that line translates into higher memory bandwidth and 3D performance and outweighs the intrinsic advantages for dual channel memory modules.
This is just a tradeoff between the performance gain in overclocking (say 5-10 MHz), and the few % performance gain from dual channel (AMD NF2) and bank interleaving. It seems to me that the MHz gain by overclocking has a slight edge over the dual channel for AMD MB (exclude the NF2 version that has integrated video).
But if for non-overclockers or like manufacturers who run at a fixed frequency, then using two modules in dual channel and bank interleaving will clearly get the advantages mentioned above.
For Intel P4 quad pump dual channel, it is clear that using two modules win.