The old-style display properties panel is now located at Control Panel -> Personalization -> Window Color -> Advanced appearance settings.
Whether these will have any effect will depend on the theme that you are using. If you are using an Aero theme, chances are this panel will be useless for you. If, however, you are using the Windows Basic theme, i.e. have Aero turned off, then this panel will work just like in XP.
These settings have nothing to do with whether your OS is 32- or 64-bit.
Finally, most programs have their own tools to change the font size. For example in Firefox you can press Ctrl and move the mouse wheel while holding that key. you will see the font size change.
Hope that helps.