I checked the manual that ASUS provides for your motherboard.
On some places of the ASUS web page it says your motherboard supports dual channel ram,if so, then when you have 2 sticks installed it should say at boot that it uses dual channel ram.
As wardog pointed out with 2 double sided ram you will get DDR333 "supported". That is not only due to the motherboard but also due to the fact that the AMD processors have RAM controller on the processor, which wasnt able to drive 4 DIMMS at full speed officially, might be a similar issue with 2 double sided for 754 processors.
With the newer Athlon64 that limitation is lifted, I am unsure if newer socket 754 processors have a more powerfull ram controller as well and are able to drive the ram faster, i think it came with the "E6" revision.
Also you can manually select a higher ram speed if you want to take the risk, but it might lead to crashes... which can shred data or do more damage.
If you gain dual channel mode with the second module both together will be faster at 333 than your old module at 400. There are some hardware tools (i use SiSoft Sandra) that will measure your ram throughput. So you can install the tool, check ram speed with your current config (throughput), upgrade and then check again.
You can not use ram modules that are bigger than 1GB, at least according to the manual. And with 1.5GB you are better of than with 1GB, eaven if your board does not use dual channel and runs the ram at 333. I would stay with that motherboard, the work changing the motherboard is not worth the gain if you stay with the same CPU and graphic card.