It's worth remembering that most people never past 2Gb limit even when doing heavy multitasking and certainly never during gaming. Again, unless the game is some very exotic 64-bit version.
There's so much misinformation around about memory and OS versions. People are falling for urban legends about ram and 64-bit systems. While they may be 'nice' to have, they're not necessary for the vast majority. Add in the few incompatabilities that do still exist it's a safer option to go 32-bit.
I don't think it's urban legend so much as it is that we're approaching a crossroads where at times, it does make a huge difference - and sometimes not always where you'd expect (i.e. photoshop and video manipulation processes). A current version of the Bloomberg terminal (for example) can utilize as much as 450 MB of available RAM under XP 32 Bit. Outlook can use another 150 MB, and Excel is pretty much open ended depending upon the spreadsheets you load. And in the just totally ridiculous department, I've seen Chrome chew through another 500 MB of RAM with 6 to 8 tabs open on user's systems, depending upon the sites browsed to - and it's just a stinking browser, for goodness sake.
If we're speaking generalities, then I'd agree that changing a working XP installation from 32 to 64 bit "just because" isn't likely to be a good deal when evaluated on the effort/reward frontier. But if you are building out a new system, and planning to do Win 7 - then I personally think that there's never been a better time to adopt a 64 bit OS.
To specifically answer Whels, I'd sit tight until after Win 7 is released, and if I was to make a change at all, I'd go Win 7 64 bit. I'd not even consider XP 64 at this point. And Vista? Vista anything right now is like counting to 5 with the Holy Hand Grenade of Antioch - it's "Right Out".
The reality though is that unless you have a lot to gain from a 64-bit OS I'm in the leave it alone camp (or has been suggested, add another partition if necessary and dual boot) until and unless you have a problem that requires an OS reinstall. (And even 600 to 700 MB of RAM is not "a lot to gain" unless you find yourself regularly using up all that's in the machine, which as MrRiplEy is pointing out, is generally not the case for most home users).
By the time you "need it", the world will be in an even better place for letting you use it hassle-free.
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