I upgraded to Vista x64 but performed a drive refomat and clean install on a seperate drive to my 32 bit Vista installation altogether.... so I could dual boot for anything that wasn't x64 compatible. If you have the drive space this is not a bad way to go, though storing your important documents, music and videos, etc, on a seperate drive again is always advisable, and can be accessed from both OSes.
However, if you do go the upgrade route, while your personal files and etc will be preserved, I think that you'd find you will have to reinstall all your programs, otherwise they won't work properly in the new OS environment.