At the moment, not really. You'll have 64-bit addressing for RAM, but the compiler optimizations for 64-bit are currently disabled for stability reasons. So, while it'll be compiled for 64-bit Linux, it won't be optimized for it. IFAIK, there is intent to correct it to allow EQEmu to compile and run correctly with the basic optimizations enabled.
I use 64-bit because my box is 64-bit and everything else is 64-bit. I can't think of there being any advantages to using 32-bit over 64-bit. If anything, I would say that 32-bit is closer to dying out and losing support than 64-bit is. That's not to say it's going to die out soon, it's just closer to dieing out than 64-bit is.
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