Well the K1 with dual core 64bit armv8 will be out in products around mid this year, making the OMAP5 at least 1 gen old.
Keep in mind that a 64bit CPU hardly provides any advantages for us, concerning 64bit software it may actually perform slightly worse in a general purpose context.
Looking back at the 32->64 bit transition of the x86 architecture, the small plus in overall performance actually came from other improvements: Lots of new general purpose registers, passing arguments of functions in registers instead of using the stack, some more efficient commands for random stuff... and of course the fact that stuff like SSE2 is always available.
You generally get a significant drawback by switching over to 64bit due to memory overhead etc, which might get compensated to some degree by getting the chance to get rid of old cruft. x86 had a lot of legacy stuff and restrictions for a good backwards-compatibility, so the result was quite good. I doubt that there's that much room for improvements for the old 32bit ARMv7 architecture, especially since backwards-compatibility has never been that important in the past (someone might correct me on this if I've got a wrong impression).