The "Steam" application is 32 bit -- However the install from Steam is still 64bit. What that means is the Steamworks overlay (friends, screenshots, time tracking, etc) do not work while playing DCS:A-10C 64 bit.
Another interesting side effect of that, Steam generally does not download while you are playing another Steam game. However it seems that because it cannot track time on the 64 bit game, you can be flying in DCS; and downloading other Steam games in the background. (Normally they pause when playing).
But yes, it still has Activations.