One of the common reasons for older software not working in Vista 64-bit is that they cannot be installed due to architectural restrictions. Many older programs and applications use a 16-bit installation routine, even if the program itself is 32-bit. This is the sticking point. A 16-bit installation routine can be run on a 32-bit system, but not on a 64-bit one. Since many programs have data written to the registry during installation, this prevents those programs from working even if you are able to manually install the program in question. It is certainly possible to manually create the missing registry entries for the program, but it is not without its risks, the greatest of which is that a mistake is made which renders the OS inoperable possibly needing a reinstallation. Other files that make up the program may need to be registered (sometimes in a specific order) and placed in separate directories.
It is for that reason that I also have a 32-bit version of Vista installed on my system. Aside from the fact that I have paid for it (and therefore feel inclined to use it), it does mean that I can install and run older programs which cannot be installed on 64-bit systems.
On a bit of a tangent - people have complained about the lack of 3rd party plug-in support for 64-bit browsers. This doesn't bother me, as although I mainly use the 64-bit version, I also use the 32-bit version when needed.
4 x 4GB DDR3-1600 Corsair Vengeance CMZ8GX3M2A1600C9B (16GB)
Graphics card(s)
MSI GeForce GTX770 Gaming OC 2GB
Sound Card
Realtek High Definition on board solution (ALC 898)
Monitor(s) Displays
ViewSonic VA1912w Widescreen
Screen Resolution
1440x900
Hard Drives
OCZ Agility 3 120GB SATA III x2 (RAID 0)
Samsung HD501LJ 500GB SATA II x2
Hitachi HDS721010CLA332 1TB SATA II
Iomega 1.5TB Ext USB 2.0
WD 2.0TB Ext USB 3.0