Tests have shown that the 64 bit Vista is slightly faster, but you may run into some driver issues. But as long as all your devices have 64 bit drivers from the manufacturers (you can check from their site) you're probably better off with the 64 bit. In addition to being a little faster it's also more secure.
As far as 32 bit apps they will run fine. 16 bit apps, however, will not, but they will run on 32 bit Vista so that's something to think about too.