Intel chipsets don't allow memory to run at just any speed. With a 533MHz bus setting, the memory can only be set to run at 266MHz and 333MHz (surprising that they allow dual-333 operation since dual-266 provides enough bandwidth). In single channel mode, it's also limited to 333MHz. You can only use 400MHz if you set the fsb to 800MHz.
There's pretty much no performance gain from setting dual-channel memory to more than half the speed of the frontside bus, since the two channels combine to provide the amount of bandwidth the CPU needs, and any extra is mostly wasted.