That is the limit. It is not because of the processor though. Look at the DIMMs that it can use. DDR3 has 1,2,4,and 8 GB DIMMs and it only supports 4 slots. 8*4=32. It can not use more because the tech is not there. if they made 16GB dimms (DDR4 anyone?) then 64GB would be easy enough to get.
Why would you need 32gb of RAM though?
Just for future upgradability, Most people seems to have at least 8 to 16gb Ram these days so another 16gb+ is not too far away for programs to start using. And windows 8 might also take advantage of whatever extra there is. I might be wrong but I’m a person that changes his comp every 5 years or so and like to have room to expand the ram when necessary.