Yes. For the time being, AE is still a 32-bit application.
Photoshop CS4 (Windows) is a 64-bit application, which is why it installed under the 64-bit application path structure.
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After Effect is a 32bit only program, but you still have some benefits by using it in a 64bit OS. For exemple, AE can use up to 4gb of ram per core, and it's a big saver when working with very big assets, and HD materials.
Thanks for the quick clarification. I figured since video is so memory intensive, After Effects and Premier Pro would naturally be the first apps in their lineup to receive full 64bit compatability. Seems Photoshop CS4 is the only full 64bit app in their productivity line up.
Sébastien, thanks for breaking down the benefits of still going with a 64bit OS for AE!