Yes. It also averages 90 FPS on a DVD source (and this was with Decomb on), up from around 80 from the 32 bit version. There is a noticeable difference, not to mention the i7 is a beast to begin with.
I'm curious, does Handbrake max out your i7?
I have a 2009 8 core Mac Pro and Handbrake is still only utilizes about 50% processing power (120fps with Decomb on).