This is a maintenance release that may includes new features and fixes. Please refer to the Release Notes under "New Features" and "Resolved Issues and Enhancements" for details of what's in included in this update installer.
The Toad for SQL Server license key determines the edition and will enable the appropriate functionality accordingly.
The installer will install either the 32 bit or the 64 bit version based off your environment or previous install. If you have an existing installation, settings will be maintained and carried over accordingly. This will install as a full application .