What are the advantages/disadvantages of using PS/CS5 in 64bit over 32bit please?

What are the advantages/disadvantages of using PS/CS5 in 64bit over 32bit please?

From a practical perspective, besides the 64 bit version being a bit faster at just about everything, limitations on document size are lifted in the 64 bit version.  Essentially, how much can do is limited only by how much RAM you have installed in your system.  You can do things like have larger documents, deeper history, etc. and have it all work quickly.
On the other hand, many 3rd party plug-ins, especially older ones, only provide 32 bit versions, which will only run in 32 bit Photoshop.
Both 32 and 64 bit versions are installed by default.  It's important to note that most of the preferences are separate between the two, so you can have two slightly different setups that might help with specialty operations you might need.  This gets pretty subtle, but for example I keep the 32 bit version configured with only 1 cache level, so all previews of high bit depth images are always composited in high bit depth.  This aids me with some aspects of astroimage processing.  It's slower, but more accurate.  By contrast I have more cache levels configured for my 64 bit version, so that's faster for general photography work.
-Noel

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