You can get theoretical memory bandwidth increase up to around 40%, but in actual use you could see up to 5% speedup in games, benchmarks, and normal use.
buzkill is pretty much wrong. single channel is slower, and I have never heard anything about dual channel being a bad thing. Occasionally some odd memory and mobo combinations will result in dual channel simply not working, but it always either defaults to single channel or just won't boot up at all so that's pretty easy to troubleshoot. If you put in the second stick of memory and it works, which it should do 99% of the time, then you'll see the benefits.
With AMD mobos and 4 sticks of memory (instead of just 2), you may see a slight decrease in memory speed. But that's only an issue if you're using 4 memory sticks. If you're just using 2, then you won't have to worry about that at all.
My main rig (amd athlon 64 3800) uses 2x1 gig sticks and it's nice and fast, no problems with memory whatsoever.