Its not that a big feature as it may sound at first. Its still virtualization not emulation so it resides on real CPUs.
QUOTE
Starting with Version 2.1, you can even run 64-bit guests on a 32-bit host operating
system, so long as you have sufficient hardware.
In detail, 64-bit guests are supported under the following conditions:
1. You need a 64-bit processor with hardware virtualization support (see chapter
1.2, Software vs. hardware virtualization (VT-x and AMD-V), page 10).
2. You must enable hardware virtualization for the particular VM for which you
want 64-bit support; software virtualization is not supported for 64-bit VMs.