That is correct. Slickrun is 32 bit, and as the launching process, %programfiles% resolves to C:\Program Files (x86)
For me on Vista 64, cmd.exe is also a 32 bit process so I get Program Files (x86) with that too. Only if I open a command prompt from a 64 bit process, such as explorer do I get C:\Program Files.
I just finished a migration of our code at work to support Vista/Win7 - the security changes weren't too bad, but by far the biggest abomination was the 64/32 divide. Microsoft really took the wrong path on this one. Don't even get me started on the changes to the registry.