.... The 'Hammers will use x86-64 as well as x86-16 & x86-32.
.... Pentiums, including PIV, will stay x86-32 max for now.
.... x86 is CISC (Complex Instruction Computer), which requires a lot of decoding to more RISC-like mini-codes that most processors can handle internally, but x86-64 will become more RISC-like in its new 64bit instructions, thus allowing faster decoding like other RISC-type processors, i.e. Apple, and the commercial ones, i.e. Alpha, IBM, SunSparc, HP.
.... intel's Merced-iTanic will use its own special, proprietary type of code (Epic ia64) that's not very universal and will need a special compiler for each and every application to work well. Speculation is rife that it won't work well at all. Also, the processor itself was supposed to be launched at 800Mhz a couple years ago, but is reported to be struggling pre-launch for 700 yet these days.