Regardless of memory limitations, 64bit is advancement in programming architecture and the way forward. Many legacy programs use outdated hacks and tricks to perform better or protect themselves from cracks and can cause system instability and crashes. We really need a clean(er) slate to build from and slashing two decade old code from the bug reports is a great start.
Yes 16bit applications do not run in 64bit, but why the hell are you still running software that old? You are a mega corporation with 16bit software on thousands of workstations? Upgrade already! Sure that deal you got in the early 80's where you screwed some just-out-of-college programmer into building it for a song was great but that was 25+ years ago, it payed for itself millions of times over - forgo that 3rd Farrari and move the company forward.