Still there's a good reason not to use 64 bits: interconnections, transistor count, die size. You can't have a CPU that sips milliwats of power and make an architecture of a 50 Watts beast.
But to the extent they want to compete with Intel and AMD in server space they're going to have to go all in to a full 64 bit design. What is the Eagle design for? Is there any other target market that needs a PAE half-measure like this?