Granted, you COULD refer to the micro-components inside an individual chip as being some level of density. That is a memory chip with a 128 million bits of memory is less dense than one with 512 bits of memory. Or you could refer to the density, or chip population on the surface of the board denoting the density, where fewer chips is less dense than one with more chips. And to get to the same amount of memory capacity on one memory board (a SIMM, or DIMM, etc.) with high-density individual chips creates a low density board, or vice-versa.
But jbndhs mentions a spec for a board of ''low density'' memory. That is a selling point. Companies would not normally mention less-desirable features in their literature. You don't see company's mention in their specs things like: old style or slower or ugly. My point being that since the spec mentions it is ''low density'' that is not going to be a bad thing, but they are mentioning a good thing, and the good thing is that there are a low amount of chips on the board - meaning less power consumption.
If you read through bob b's pointed to link, you will see that the person there mentions that boards with more chips is considered ''high density'' and is usually the old style and thus cheaper. Even though bob b seems to think that the article says ''that the number of chips on the module does not have much to do with high/low density.'' In fact, the pointed to article does specify the difference exactly.
That same article does also mention just what I said before, and that is if you can find memory that matches your spec-ed needs (pin out, voltage, speed, etc.) for the price you want to pay, buy it. Forget about the term ''density'' unless you must have the latest and greatest. (and high-density chips make for low density, low chip count, memory boards).
Given the same specs for different types of boards, and for the same or nearly the same cost, I would go with the low density boards because they usually use less power.