You got it backwards. Leopard is 64 bit and compatible with 32 bit.
It's more complex than that, actually. Unfortunately I don't fully understand the details, but the kernel is definitely still 32 bit or mostly 32 bit in Leopard.
The implications of this are not particularly interesting though; it mostly means that *the kernel itself* can't use lots of address space. Applications definitely can, and that's the biggest appeal of 64 bit.
This will start to be a bigger deal as graphics cards ship with more and more vram, since that needs to be mapped into the kernel's address space (so if you have a 1GB graphics card, the kernel effectively has 3GB to use).