Holographic MIMO refers to an array (possibly large) with a massive number of antennas that are individually controlled and densely deployed. The aim of this paper is to provide further insights into the advantages (if any) of having closely spaced antennas in the uplink and downlink of a multi-user Holographic MIMO system. To this end, we make use of the multiport communication theory, which ensures physically consistent uplink and downlink models. We first consider a simple uplink scenario with two side-by-side half-wavelength dipoles, two users and single path line-of-sight propagation, and show both analytically and numerically that the channel gain and average spectral efficiency depend strongly on the directions from which the signals are received and on the array matching network used. Numerical results are then used to extend the analysis to more practical scenarios with a larger number of dipoles and users. The case in which the antennas are densely packed in a space-constrained factor form is also considered. It turns out that the spectral efficiency increases as the antenna distance reduces thanks to the larger number of antennas that allow to collect more energy, not because of the mutual coupling.