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No, you need to check the Activity Monitor. Not "About this Mac": that just tells you how much is installed, the AM informs you how that installed memory is used.

you are right mine shows 3.75 gig as well.
 
10.6 2GB mine shows 1.75.

Nothing to worry about I'm sure.
 

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My computer has same issue (unibody late 08 2.4 ghz). I putt now 8GB and shows 7.75 - i take out and put my old 2x2GB and show 3.75. This showed only in activity monitor; in abouth this mac its normal.

The good news that it works very good with 8 GB RAM :)

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