32 bit processor vs 64 bit processor?

Ok so I just saw Apple announce the iPhone 5S with a 64 bit dual core processor, the first one ever in a smartphone. So does that mean the processor in the iPhone 5s is a lot better than the 32 bit quad core processors in a majority of other phones today? From my understandings 64 bit processes information faster and having more cores like in the 32 bit quad core other phones isn't always a benefit because about 75% of the time they are sitting dormant not doing anything because they have to wait for other cores to finish a processing first.

The main advantage of a 64 bit processor is that it can take advantage of more RAM, 32 bit systems are limited to 4gb of RAM. It is unlikely that the iPhone 5S will have more than 4gb (or even 2gb) of RAM so the 64 bit architecture has no real advantage. Although this doesn't negate the fact that the A7 chip is faster than the previous A6 chip.