32bit only allows you access upto 4Gb of memory and usually means that the video memory has to be mapped/overlapped with the system memory. e.g. if you have 4Gb of system memory and your graphics card has 512mb, then you'll only be able to use 3.5Gb of your system memory. I'm not sure if this is correct for OS X, but it certainly is for Windows.
64bit allows you to address memory greater that 4Gb and means that your video card memory doesn't have to overlap your system (as above, I'm not sure if that's just a Windows problem). You also get a performance increase with 64bit apps, which was demonstrated at the WWDC a year or two back, but can't remember the reason for it.
I'm not sure what the issues are around here with 32/64 bit and 7,1 models, as that model is fully 64bit (both EFI and processor), which is why it can run Mountain Lion and Mavericks (and theoretically any future 64bit OS X). See here.
6,1 models, however, are only half 64bit; 32bit EFI and 64 bit processor, which is why you can't get above OS X Lion (although you can do it with a hack).