Maybe you have two banks of memory and thus the clocking of the UDIMMs has been reduced to compensate for the extra bus load?
Maybe CPU-Z just reads the SPD data (dmidecode field "Speed"), but does not show the actual bus speed (dmidecode field "Configured Memory Speed")?
Anyway I am wondering also... this computer here has PC3-14900R and both banks are filled. Thus afaiu the bus speed should be reduced from 1866 to 1600. But "Configured Memory Speed" still shows 1866... *confused*
Edit: With AMD AM-2/3 and UDIMMs I recall something like 1 module: 1300MHz, 2 modules 1066, 3 modules 800, 4 modules 667MHz. Maybe this is what you are seeing?