What is happening now is, the processor compainies are slowing down with their 32-bit processors, and moving to 64-bit. AMD came out with the Opteron 64-bit, which runs at lower clock speeds, but is incredibly fast. Intel has the same with the Itanium. So in the future, all chips will be at 64-bit at lower clock speeds.
However, since the new P4 came out with the 800Mhz Bus speed, there is going to be a lot more faster processors out, and new programs that require those top end speeds.