The exact feature removed from this chipset was actually often included in advanced chipset BIOS settings, called MEMORY HOLE (or Aperture) or MEMORY REMAP (for PCI MMIO). It allows memory address space used by both motherboard and addin cards to be remapped above the 4GB address range.
As this chipset feature is disabled, these memory addresses take up space where actual memory may reside below 4GB, making some of the memory unusable. With G31 it appears to be the IGP that's taking up so much of this, even if a GPU is used instead and IGP is set in the BIOS to use the minimum 8MB dedicated and 128MB DVMT (Intel "Dynamic Video Memory Technology"). This results in a whopping 768MB showing as "reserved" and unusable if 4GB is installed. Of course anything above 4GB is also unusable too.