Answers:
1. Neither
2. Either/or
3. Probably not
RAM "speed" really depends on the bus speed (how fast the RAM talks to the CPU) and the type of RAM (the style of RAM chipset), not the amount of storage space (500MB vs. 1 GB). If you have 4GB of RAM but a slow bus, having that much storage in RAM won't make your computer seem "faster".
I'm sure there's some miniscule speed difference between the two setups you offered, when there's an array of four versus two, but what really makes the difference is the type and bus speed of RAM.
Here's an overview of RAM types from computermemoryupgrade.net:
SDRAM (Synchronous DRAM)
Almost all systems used to ship with 3.3 volt, 168-pin SDRAM DIMMs. SDRAM is not an extension of older EDO DRAM but a new type of DRAM altogether. SDRAM started out running at 66 MHz, while older fast page mode DRAM and EDO max out at 50 MHz. SDRAM is able to scale to 133 MHz (PC133) officially, and unofficially up to 180MHz or higher. As processors get faster, new generations of memory such as DDR and RDRAM are required to get proper performance.
DDR (Double Data Rate SDRAM)
DDR basically doubles the rate of data transfer of standard SDRAM by transferring data on the up and down tick of a clock cycle. DDR memory operating at 333MHz actually operates at 166MHz * 2 (aka PC333 / PC2700) or 133MHz*2 (PC266 / PC2100). DDR is a 2.5 volt technology that uses 184 pins in its DIMMs. It is incompatible with SDRAM physically, but uses a similar parallel bus, making it easier to implement than RDRAM, which is a different technology.
Rambus DRAM (RDRAM)
Despite it's higher price, Intel has given RDRAM it's blessing for the consumer market, and it will be the sole choice of memory for Intel's Pentium 4. RDRAM is a serial memory technology that arrived in three flavors, PC600, PC700, and PC800. PC800 RDRAM has double the maximum throughput of old PC100 SDRAM, but a higher latency. RDRAM designs with multiple channels, such as those in Pentium 4 motherboards, are currently at the top of the heap in memory throughput, especially when paired with PC1066 RDRAM memory.
DIMMs vs. RIMMs
DRAM comes in two major form factors: DIMMs and RIMMS.
DIMMs are 64-bit components, but if used in a motherboard with a dual-channel configuration (like with an Nvidia nForce chipset) you must pair them to get maximum performance. So far there aren't many DDR chipset that use dual-channels. Typically, if you want to add 512 MB of DIMM memory to your machine, you just pop in a 512 MB DIMM if you've got an available slot. DIMMs for SDRAM and DDR are different, and not physically compatible. SDRAM DIMMs have 168-pins and run at 3.3 volts, while DDR DIMMs have 184-pins and run at 2.5 volts.
RIMMs use only a 16-bit interface but run at higher speeds than DDR. To get maximum performance, Intel RDRAM chipsets require the use of RIMMs in pairs over a dual-channel 32-bit interface. You have to plan more when upgrading and purchasing RDRAM.
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On a personal note, I generally try to keep my chipsets large (while leaving a slot or two empty), as you can upgrade more quickly in the future (ie. having 2 1GB/same MHz bus chipsets and keeping one/two slots open for upgrading). Also remember that you need to match RAM type to RAM type on your motherboard...for example, if you're using DIMMs, make sure you get matching DIMMs (same bus, same size, same vendor if possible), as many motherboards won't let you mix and match RAM...it is one less variable to deal with when troubleshooting your computer.