It is just how DDR works but seeing that your are using DDR2 it should be x4
DDR works with a clock that basicly does this over and over "01010101". SDR gets data every period ie "01". DDR gets data for every change to "0" and every change to "1". So you get twice the data for the same clock.
DDR2 clocks the "Bus" twice as fast as the clock so it can grab twice as much info from DDR with the same clock.
DDR-400 = 200MHz Mem and Bus clock = 200x2 = 400 Mil Data/sec
DDR2-800 = 200MHz Mem and 400MHz Bus Clock = 400x2 = 800 mil Data/sec
So my guess is you are looking at the Bus speed and it is under clocked a little. In the bios, like stated above, there are options to change the bus speed and the Mem speed ratios so if you want to make your ram do 400 than you need to change the ratio.
The above isn't all the detail but i hope it explains it enough. You can also find all the info you want:
http://en.wikipedia.org/wiki/DDR_SDRAM
http://en.wikipedia.org/wiki/DDR2_SDRAM
Now the dual channel has nothing to do with the speed of memory in terms of MHz.
The memory has 64-bits of data per slot. What dual channel does is allows 128-bits to come to the memory controller by using 64-bits from one Mem Stick and 64-bits from another effectively doubling the max bandwidth.
Have a look:
http://en.wikipedia.org/wiki/Dual-channel_architecture