A 64-bit version of Photoshop is coming sometime in the future, but apparantly not with Photoshop CS3.
"At some point it will make sense to do a 64-bit version. That wasn't
this time around," said Photoshop co-architect Scott Byer in a blog
posting last week, addressing feedback on the public Photoshop CS3 beta
asking for a 64-bit version. Issues involving technology, performance
and support mean that Photoshop will remain 32-bit software for the
time being, Byer said."