vmware ESXi host and "Guest OS Version": Selecting 32 vs 64 bit FreeBSD version - what actually happens?

What is confusing me is that selecting 32-bit option as a "Guest OS Version" inside ESXi does not seem to have any effect, guest seem to work fine and same as for 64-bit option. But is it so? Is there anything that guest OS notices as different, CPU flags, registers, low level or high level stuff?

Hoping to get some answers or pointers here because community seems active and knowledgeable about virtualization tech in deep, at least on the guest side (FreeBSD as a guest on VMware ESXi).
 
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