I think a lot of cautious folks skipped Vista ;)
As for Windows 7: first of all, Windows XP Mode in Windows 7 can only be achieved if you have the necessary hardware. Run the following tool to see if your computer has hardware assisted virtualisation (HAV).
SecurAble v1.0.2570.1 (103 kb)You can click on any of the 3 readouts for a more complete explanation.
Next - so far, there has been no evidence that 64-bit Win7 offers improved performance over 32-bit Win7. Of course, 64-bit will allow the operating system to address more RAM... but in my opinion, that has limited usefulness unless you're into CAD, 3D rendering, or Photoshop. Yes, perhaps applications and games released within the next few years will be programmed to take advantage of 64-bit capabilities on a larger scale... but that could take ages =P
Usually, I'd strongly recommend against 64-bit due to driver incompatibility, but the various vendors have been making great strides in terms of compatibility in recent months. So it should be OK to go the 64-bit route if you want to. Just don't hold me responsible if you run into an insurmountable driver problem !grin
Is the version of Win7 that you buy locked at either 32- or 64-bit? Or can you buy Win7 Pro and then choose to install either 32- or 64-bit? If you can choose, then install 64-bit and see how you get along. If you run into serious problems, you can always just install the 32-bit version instead.