I say, go with the 32-bit version of Cocoa, if you do not want to use Java 6. The 32-bit version will use less memory, and since the 32-bit version of the JVM is the client Java VM, it is better configured for the user interface application.
If you want to use Java 6 on 10.5, you must use the 64-bit version of Cocoa.
You would think that there will be a universal 32/64-bit version, but it is not. The reason several versions exist is due to the SWT (and Eclipse) philosophy for one architecture and one window system for each application. p2 / Equinox cannot handle multiple architectures in one application.
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