Dual channel only works with sticks of the same capacity, I've never heard of it working any other way. Although, theoretically, AMD's Barcelona procs may be able to do what you describe, since they use two 64 bit memory controllers instead of one 128 bit controller. But anyway, that's irrelevant for now.
Actually, unless you have an AMD laptop, dual channel is entirely meaningless (except for the IGP, since it's on the northbridge itself) since the FSB is almost saturated with a single channel of memory.