Hi guys, sorry to revive this thread, but after some extensive research, it seems that ALL i3 processors coupled with H55 mobos from Gigabyte have this issue. It doesn't seem to be a Win 7 problem, but rather a BIOS one, as the BIOS itself seems to reserve that memory space. Not sure about boards from other manufacturers, but I think I recall reading about someone running into the same issue with an EVGA board.
If indeed this is the way all H55 boards coupled with Core i3 processors behave, then it might definitely be a hardware limitation imposed by the chipset, or actually the processor itself, as it hosts the MCH on-die, and Gigabyte might not be able to do anything about it.
I have an i3 560 and a H55M-S2 mobo from Gigabyte and I have the very same problem, 3.75 GB usable in Windows 7 x64 Ultimate.
It's not really an issue performance-wise, as I doubt the extra memory would have a major impact on anything, but it is somewhat annoying that no "official" position is taken on this. This could probably be fixed with a BIOS update, but F4, the latest one for my board, only "improves memory compatibility".
So, to conclude: this is probably a matter of system memory being reserved by the on-die graphics chip, but it's rather silly to not be able to control it, since most people use this combo with discrete GPU's. The Bios option that controls this is simply not there.