As I quoted from the whitepaper, this allows configurations of both 512mb and 1024mb using the same bus interface, keeping in mind what Mintmaster said about burst-length. Yes, there may be a penalty in bandwidth, but if your controller is designed the right way, this loss of bandwidth is almost a moot point.
However, when you take into account that the trace length for these IC's does not need to be exactly the same distance(as most GDDR implemetation require now), this could possibly allow for a single interconnect to connect to two different buffers, so i guess that it might be possible to use this for multi-gpu work, but only in having shared buffers. Each "node" could potentially write to two different IC's...and each IC could potentially have an interconnect from TWO NODES(16-bit from each), although I question the usefulness of this.