actually 32bit is 4gb and with WOW32 they can use a bit more than win7 x86 (which defaults to /2gb not sure if you can even turn on /3gb mode).
/3gb was used in win2003 x86 to give 3GB RAM to app and 1GB to system. along with AWE you can rock 16GB of ram in 32 bit mode which is quite handy if you have licenses for old win2k3/sql server and you want to bump the speed up (YES both modes work in ESXi!). server licenses don't really get upgrades nor does sql server so you can understand the costs of maximizing old tech that you come into with your job. going from 1.8GB SQL process to 12GB with some system cache reserve or to run apps like log shipping - sweet.
not everyone can afford to buy new OS/CALS/SQLOS/SQLOS CALS every other year
someone actually hacked win7/vista and XP iirc to activate these features iirc reading. but with x64 each process in wow32 could get 4GB of ram in theory so that 12/16GB of ram really could go far if you could use it.
With the cheap price of DDR3 (Trust me its going UP soon) - buy a metric ton dude. I've got a stash of DDR3 sodimm/ecc rdimm/cheap(xms3) - the schtuff was expensive and i suspect with the japanese disaster and demand pricing will shoot up quick.