Running dual channel means that the two memory modules are being accessed by seperate memory controller channels, theoretically doubling memory bandwidth, it doesn't affect timings or latencies. The best image I can think of is its like turning a single lane road into a dual carriage way, the cars all travel at the same speed, but now you have two lanes, twice as many cars can get from A to B.
In real world terms you see about a 2-3% increase in gaming performance on Socket A and a 10% ish performance increase on A64 when using dual channel over single channel.