In the four-slot configuration the first three slots correspond to the first three channels, the fourth slot is simply sharing one of the memory channels. The downside to this approach is that your memory bandwidth drops to single-channel performance as you start filling up your memory. For example, if you have 4 x 1GB sticks, the first 3GB of memory will be interleaved between the three memory channels and you'll get 25.6GB/s of bandwidth to data stored in the first 3GB. The final 1GB however won't be interleaved and you'll only get 8.5GB/s of bandwidth to it.
