Presuming you have a 64 bit processor:
If you still use any older 16-bit apps, and most people don't, they will not run on 64 bit because there is no more built in 16 bit support. I get around it by running XP Mode, but you have to have Professional or better, and you need hardware virtualization support in your processor and motherboard to use XP Mode.
I agree with what others have said -- I install 32 bit on my computers with 2 GB or less RAM and I run 64 bit on my computers with 4 GB or more RAM (3 GB can go either way IMHO but I'd lean to 64-bit if I had a 3 GB computer).
I've been running 64 bit Professional since the end of August with no problems. I've had no problem using 64 bit Vista
drivers when 64 bit Win 7
drivers are not available. Most 32 bit software runs fine, but I've gotten a few free compatibility updates for some specialized software I use.
64 bit support is quite good now and will only get better as time goes on. I recommend that everyone who has the hardware to do it, run 64 bit.
I can confirm that 64 bit does take a little more RAM comparing 2 very similar in hardware and software laptops I have, but really not that much more. It is hard to tell if there is a real speed difference though, without highly controlled benchmarks.