It definitely saved memory, but it was slightly slower or the same speed. My guess is that 32-bit performance isn't prioritized on x86-64 by either compiler writers or chip designers, i.e. they optimize for the common case of 64 bit pointers.
Definitely interested in other comments / opinions / data on this.
I think if it actually sped programs up, you would see many more distros compiling packages for 32-bit. It does save memory, but somehow that's not big enough motivation. Probably because desktops/laptops have 8GB+ RAM these days (enough for most apps), and Linux systems with constrained memory are probably already 32-bit.
And because real memory hogs like browsers probably want to address more than 4GB. Though to be honest I think a multi-process browser with a 4GB-per-origin limit sounds like a very good idea!
Another issue is probably shared libs. Linux distros are pretty tightly coupled in this respect, and if core system programs like the compiler want to use 64-bit libc, etc. then it's economical for other programs to also be 64-bit as well. Otherwise the dependency management problem for shared libs becomes more annoying.