No performance difference. However there is a slight overclock difference. From what I can see, overclocking with four sticks of RAM is a bit more difficult since you now have a ton of votlage going into and from the MCH or NB. As a result some OCs can be unstable with four sticks of RAM when it's perfectly stable with 2 sticks of RAM.
With that said, I'm running 4 x 1GB sticks with the CPU and RAM at a 1:1 ratio. and my OC is still pretty stable. However, if I plan to OC past 3.2Ghz and therefore am required to OC past DDR2 800 speeds, most likely then I'll have some stability issues with those four sticks of RAM.
Most 1GB sticks will OC higher than their 2GB counterparts at this point in time. So a 4x1GB configuration is capable of higher clocks than a 2x2GB setup. I have heard of quite a few people doing 4x1 1200cl5, it doesn't really get much better than that for DDR2.