using fewer DIMMs will usually save *some* energy. in DDR2 days, I measured quite the difference. also, going with lower voltage memory will also save a few watts here and there. the other thing i discovered recently is that at least with the DDR3 I was testing, at idle when there isn't much RAM activity, installing 2x DIMMs vs 16x DIMMs made 0 watt difference at idle - i didn't test further, but i expect there to be a difference if i ran a RAM benchmark. so, if your system is sitting idle a lot, it might not matter at all and not worth the investment.
any power savings in this area is minimal though. if your goal is to squeeze every bit of lower wattage and you've already addressed everything else, then go for it. i found 16GB PC3L for pretty cheap ($30-35 ea.) so I went with 16GB DIMMs anyway.