I have windows 7 pro 64 bit and nearly all programs work with it. 16bit programs do not but the only one I have is an old astrology app which I no longer use.
I have tried the 32bit windows 7 on my 4gb machine with 1 gb video card and it works fine but will only recognize 3.5gb memory.
I have now settled for 64 bit and it recognizes all memory. I had some internal modems but there are no drivers available in 64bit so I use my mobilephone as a fax machine.
The one thing you may notice after it first installed is that it does a lot of indexing of all your documents but once that is finished it just gets faster and faster.
I have noticed no speed difference from using either version, they are just as fast as one another. I did notice that when manipulating graphics in the 64bit verison it worked faster and snappier.
I have tried many older progs Photoshop 7, elements 2, dreamweaver 2004 etc some of them reverted to basic diplay but switched quickly back when closed.