IE x86 and x64 Are Installed?

I recently installed Windows Seven, and noted that Windows keeps 64- and 32-bit programs in separate folders. The odd thing is that even though I installed the 64-bit version, Internet Explorer seems to be installed twice--once in 64-bit and once in 32-bit.
What's even worse is that on closer inspection I found that all the automatically created shortcuts for the start menu/taskbar/etc. pointed to the 32-bit version!
I changed all the shortcuts to the 64-bit version, and as a precautionary measure I renamed the folder for the 32-bit version to eliminate any confusion. I didn't want to delete it quite yet, just in case.
I looked in the add/remove features settings and there is only once option for Internet Explorer.

This gets me wondering if it's possible there are any other similar cases that I should watch out for.

Why would Microsoft ship both versions of IE with Windows 7 x64?

This is the first time I've used x64 Windows and I'm making a point of always checking availability of 64-bit versions of all the software I install.

DarkNovaGamer said:

They shipped both versions because some things like Adobe Flash will not work on the 64-bit version. They've done this since Vista 64-bit (Not sure how XP 64-bit was done).

Do you know if there's a 64-bit beta version of Flash available? I have this in Linux, but can't find it for Windows...