Physically, the total amount of ram that a 32bit OS can address is 4GB. When you factor in the memory on the video card(s for SLi/Crossfire), the L1 and L2 cache on the CPU, and the possible memory on the audio cards, the total can drop by at least a gig. For instance,i am running 32 bit Vista Ultimate on a QX6700, 4x 1GB sticks of Crucial, and 2 8800GTX with 768MB of Vram on each, the upshot is that even though the BIOS can see all 4Gigs of system RAM, the OS can only address and therefore see 2.3 gigs.
As for decision on with OS to use, bear in mind that 64Bit vista needs MS Signed drivers, and won't use unsigned drivers (currently the lastest nVidia graphics driver won't work under 64bit for instance), plus some incompatibilty with existing programs.
My decision was to go 32bit, as:
1, You can't use unsigned drivers.
2, Free software on the net (AVG-Free for instance) will only work on 32bit, you have to buy the 64bit version, and the 32bit version won't work on 64 bit.
When 64 bit computing gets going, then i might change, but fot the time beig, i am firmly camped in the 32bit field.
P.S. 32bit OS can address 4 gigs max, but the 64bit can address 128GB! Just thought i'd throw that in there...
Hope it helps.