There was a lot of discussion about the need for a 64-bit client, with many people siding with it being warranted because it would most definitely improve performance and patching/downloading times for games.
Conversely, there is the argument that, being a mostly streaming based service, there is no need for a 64-bit process to handle the data that would be required during patch handling, and almost all of Steam's other features can comfortably be handled from a 32-bit process.
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