This is what I know about the AM2 memory limitations:
A single core AM2 processor can only use up to DDR2-667; this has been a problem for people who bought DDR2-800 and a single core AM2 processor and then it wouldn't boot; G. Skill took DDR2-800 back and reprogrammed the SPD's to show the ram as DDR2-667, even though the ram is guarenteed to hit DDR2-800. Overclocking works around this limitation.
A dual core AM2 processor is rated up to DDR2-800 with the possibility of DDR-1066 memory dividers in the near future (similar to rev. E processors and their ability to "overclock" the ram independent of HTT speeds by running a divider higher than 1:1 (>DDR400).
Based on this information, it would appear that the dual core processors have a superior memory controller, or AMD is just limiting the single core processors because they feel that they don't need the extra bandwidth afforded by DDR2-800 and above. However, how this limitation is implemented is not very clear. Most AM2 boards are still in their early stages of developement, and as most of you know, DFI has yet to release their AM2 boards (well, they have one infinity available at ewiz today); this means their is still the possibility of motherboards+bios to overcome this single chip limitation.
As for the four dimm limitation, I doubt it will be as limiting as the S939 limitation (which if you have a good board (i.e DFI Lanparty or Asus A8N), is not really a big deal, it just forces you to use a command rate of 2T when using four dimms, they still operate at DDR400 and the same timings as with just 2 dimms), because this is a fourth generation (S754>S939>S939 Rev. E>AM2) memory controller and AMD has learned from its other 3 integrated memory controllers!
Why has no one (including myself) answered the question directly? Because of two reasons:
1) Hardly anyone has an AM2 setup, because their was ZERO real world performance gain over S939; this will change as the platform matures, but people who have decent S939 setups have had no reason to switch to AM2, especially with the release of conroe.
2) Those who have AM2 setups don't have four dimms of DDR2 lying around to test this. Why? They more than likely bought 2x1gb sticks when they bought their rig. Their is no real need for more ram atm (unless your pixar, but then you have quad dual core opterons with 32gb of ram).
In short, the only people that can test this are hardware sites who have been too busy running conroe benchmarks and X2 EE cpu tests to bother with this question. Anand has stated that their new memory platform is conroe!