Windows XP 32 bit can address a 4GB memory space, but since your peripherals require some of that address space, you are actually limited to not much more than 3GB of RAM. Hence, even if you only have 4GB (not necessarily more than 4GB), XP x64 is required if you want to use all of your RAM. Of course, 32 bit applications running on XP x64 will still be limited in how much RAM they can address (2 or 3GB), but you can run multiple apps together which will be able to take advantage of all 4GB of your system's RAM.
If you don't have more than 3GB of RAM, then this is a moot point, and the driver support issue is something that would heavily bias my decision toward XP 32 bit instead of XP x64. With that said, all of my devices are supported (even obscure things like an Edirol MIDI interface for my keyboard workstation and a Gretag Macbeth Eye One Display2 colorimeter for color management), so I've been using XP x64 happily with 4GB of RAM for the past year.