Looks like you will still be able to run 32 bit user mode applications under a 64 bit kernel. I'm not sure, but I think 32 bit guest kernels get the ax as well.
" 3.3 Removal of 16-Bit and 32-Bit Protected Mode
16-bit and 32-bit protected mode are not supported anymore and cannot be entered. The CPU always operates in long mode. The 32-bit submode of Intel64 (compatibility mode) still exists. ... "