I had 2 x 2 GB in my white iMac before I sold it. The computer "recognizes" all 4 GB, which is to say that "about this mac" displays 4GB installed.
Activity monitor also displays 4GB, however, if you add up the "wired"/"active"/"free" etc...the math doesn't add up to 4.
My understanding is that the system will actually address 3.3 GB.