Apps compiled as 64-bit apps won't run in x86 windows. However, you CAN still compile them as 32-bits. They'll run on both x86 and x64.
I really don't see much benefit of 64-bit, except for some more memory that you don't need right now. It's the future, yes, but it's not worth spending a lot of money on IMO. You can't upgrade to 64-bit, you'll have to reinstall Windows. But I can't speak for drivers.
About Vista. I think Vista is actually becoming usable. I've been using it for a while with little problems. No, it's not a great improvement over XP. A lot of it is overhyped. Better can be argued, though. I say it has better tools, nicer interface and features. However, it's more of a resource hog plus there's compatibility problems with some things. If I were asked, is it worth investing in - as in buying, the answer is NO. Is Vista usable - is it something I should get eventually? The answer would be yes, since future Windows are built on Vista's architecture (I'm thinking of Windows 7 here). It should be painless to upgrade from Vista to Windows 7, but not from XP.
That's my thoughts on the whole.