The OEM and Retail copies have different EULA's, both having been updated or 'clarified' from XP's.
The OEM EULA dictates that it is to be installed on the one machine only and stay with that machine for that machines lifetime. You can change hardware and MS say that the changes that require an activation will be more flexible than XP, but the maximum will apparently be 2 activations only (note that like XP, that's different from being
reactivated due to a reinstallation on the same hardware or for a minor upgrade change). Little different from XP on the face of it, except that because the EULA apparently wasn't clear enough, many OEM XP Licence holders have managed to activate an OEM copy on multiple machines (one at a time, just transferring their copy to a new machine) by phoning MS when activation failed. This time around for Vista, MS say that won't be possible. Time will tell I guess

The Retail EULA dictates that it is to be installed on the one machine only, but unlike the OEM EULA, The Retail EULA is transferable from machine to machine, but you can only activate one copy at any given time. Also, OEM copies come with either 32bit or 64bit; Retail comes with 32bit and 64bit in the box with your supplied product key valid for both.
Bottom line; if your the sort of person who rarely updates their PC's hardware or just buys a whole new machine with a pre-installed OS, then OEM will be fine for you. If on the other hand you regularly update hardware and/or machines and don't want to keep shelling out for a new copy of Vista every couple of activations, then you will likely want (a more expensive) a Retail licence.