The RAGE approach to textures is an interesting point here, I suppose. I can see how 64-bit address space is a big improvement there.
EDIT: However, RAGE style textures do not really benefit in any way from the CPU being 64-bit. They benefit from virtualization of textures, which is usually done on the GPU - and in fact I believe there are OpenGL extensions that offer the ability to create a large 'virtual' texture that is not resident in video memory. So I don't actually believe that 64-bit address space is any better for RAGE (especially because random stalls from disk paging of textures are not something a game developer would tolerate).
However, I should note that compressed textures don't really come into the picture. You're not going to map a compressed texture into memory such that you access uncompressed pixels by reading/writing at a given address with compression happening behind the scenes - at least, I've never seen a real world shipped scheme for that in graphics. (I think the XBox 360's memory controller might have done something like that for compressed audio, though...)
EDIT 2: See this talk by id and nvidia that explains how virtual textures in RAGE are applied:
http://www.nvidia.com/content/GTC-2010/pdfs/2152_GTC2010.pdf
Note that instead of the kind of stall you'd get when paging data from disk to memory, the optimal behavior is that it uses blurry 'low resolution' data until high resolution pages are available. Totally different than 64-bit virtual memory you use on a CPU.
My main question is whether it would actually be realistic to do that kind of demand paging in most use cases. Do you really have the ability to create your own fault handlers in user mode? Otherwise, all you can do is page data in from disk, which is just that 'map storage into memory' use case I mentioned earlier.
Reduced fragmentation is a plus but getting it at the cost of doubling every pointer's size is not necessarily a huge win.