Ok, I have 4 GB RAM in my machine, 4x 1GB. And using XP and Vista 32bit, all I could use was roughly 2.8 GB of it, the rest was waisted because the OS needs some (virtual) address space for itself and the hardware and 4GB is all it can address in total. So it was using address space for other things instead of available RAM. I was waisting 1.2 GB RAM, causing me to move to Vista 64bit.
Now, if YOU are on a 32bit OS, then you may be waisting a bit of memory as well, but not that much because you only have 3GB anyway. Probably 200-300MB, but that would give you 2.7 GB of available RAM. I don't know if you need that 700MB more RAM or if you are totally happy with 2GB anyway.
If I were you, I would run some benchmarks with 3GB and 2GB in your machine, preferably games or other software which you are using regulary. You will then see if the 3GB have any impact at all, if dual channel is necessary for you or not etc.