As far as banks go, that depends what you're talking about. Back in the day of 30 pin SIMM's and 386's you needed 4 8-bit SIMS to make a 32-bit bank for the 32-bit system bus. But for some time now, the RAM has been 64-bit just like the system bus, so 1 slot = 1 bank.
If you're referring to channels like Amorphus said, that's a bit different. The memory controller uses a 128-bit bus, so you have to fill 2 slots with 64-bit RAM to match the 128-bit wide memory bus. The system bus is still only 64-bits wide though. If you don't fill both slots with RAM, it will still work, you just will have a 64-bit wide memory bus instead of 128. With AMD, it's not that big of an issue cause the 64-bit bus seems to be enough since dual channel memory doesn't help a whole lot.
As far as the timing... I'd expect a 5-10% increase in memory benchmark scores. Maybe up to 5% increase in games.