rmacf: the situation is precisely as Martin has said. There's nothing made "easier" or anything new you can do, it's just a newer version of compiler (although that's significant enough by itself). I don't know why you'd suggest anything would have to be re-written.
simo: You've oversimplified the matter. There was only one "release" of GCC 3.3 - previous versions were simply developmental versions.
As for 32-bit, it's been pretty crucial, and there would have been a lot of problems had a 32-bit version of 2.95 not been made.
The GCC 3.3 release doesn't contain any more ELF support than the previous 32-bit 2.95.4 GCC - i.e, just the assembler. The full ELF toolchain I did (which was an experimental version, and not a "release"), was done to demonstrate that full ELF support on RISC OS is possible. It's however, of limited usefulness until it can interact with AOF object files.
It's not uncommon on Linux systems to have 2 or 3 versions of GCC installed.