No, CPU-Z is correct. DDR2-533's real speed is 266MHz. It's just that a ram's speed is doubled, to show it's effective speed. Hence DDR=Double Data Rate. So it's 266 x 2 = 533MHz.
Another example:
DDR2-800....800MHz is it's effective speed. 800/2 = 400MHz, which is it's real speed.
ya its funny, knowing the terminology sometimes help u understand the math involved
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