"64bit" has existed since '60s/'70s.
But 64bit doesn't always mean the same thing.
It means the width of registers that store addresses (for RISC, the GPRs), and the width of the address data types supported. Due the way programming evolved with hardware, those addresses are also either general int registers, too, or the same size as the general int registers. The Cell and Xenon are 64-bit. Before that, the PS2, and N64, were also 64-bit. They all support address data types in hardware of 64 bits wide, and all have 64-bit wide GPRs.
Marketeers like to make numbers bigger, but outside of that, the above is what N-bit entails.
Vista/7/8 and Intel and AMD processors allow for 64bit instruction
Nope. x86 instructions can go up past 15 bytes (I don't recall what the longest anyone today might actually use would be). They are as variable as they used to be, but instructions using the full register widths, and/or the added GPRs, typically add at least 1 byte for that purpose (code that needs not 64-bit data types, nor many registers, will be almost as small as if compiled for IA32--only many of the pointers, and instructions working on them, will need to be bigger).
Also, XP 64-bit came out before even Vista

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Most RISC ISAs use instructions that are 32 bits wide, regardless of register or address space size. Keeping aligned to bytes, and powers of 2, greatly simplifies things, at the cost of some memory bandwidth, offers plenty of room for immediates (5-6 bits will cover it most of the time), and allows for flexible instructions, as opposed to having more instructions doing the same kind of work.
The bleeding edge games appear to be 64bit only starting in the second half of this year/early next. This is a good thing.
They should profile both, and use whichever works best. Hand-optimized code paths they can mix and match with (it's much trickier for the compiler to do it, though it sometimes works well). Of course, any game with rich world detail will pretty much necessitate 64-bit throughout, so it would mostly be flags to try to use the stack over added registers, on occasion, to save instruction size, but still operate in one of the 64-bit modes.