It's just taking them a long time to port it from carbon to cocoa. They have more important things like QT to get up and running in 64-bit first. It doesn't really have anything to do with "not needing to be" …as you can see, they have ported much lesser apps to 64-bit (e.g. Textedit, iChat, etc.)
They don't say that it's a 64 bit app, just the installer. If you go back to the main Windows iTunes d/l page it is only calling it a 64 bit installer. It does appear to be running 32 bit, so my guess is that if you are running a 64 bit system you either need an installer that will install on 64 bit, and/or a 32 bit app coded to run on 64 bit properly.
Making a 32 and 64 bit installer is not hard, so I'm thinking more so something in the code, maybe, just guessing.
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