GWT in it's self is a UI enhancement library, not a framework. If you use it with Google App Engine you then have a basic framework. (That is a different story, and while I looked at it, I decided not to include that into our architecture).
It is a great library, we have done some spectacular things with it. As it is a library however, it is only as good as your architecture allows it to be.
As far as ANT goes no problems with a 64 bit compiler.
<java failonerror="true" fork="true" classname="com.google.gwt.dev.Compiler" dir="${dir.GWTCompile}"> <-- dir.GWTCompile is the directory containing GWT -->
<classpath> classpath
</classpath>
<jvmarg value="-${gwt.maxMem}"/>
<arg value="@{gwt.baseModule}" />
<arg value="DEBUG" />
<arg value="-strict" />
</java>
As far as the generated code, it is all there in your war if you want to look through it. (It is also open source, so you can look at it there.)
What GWT does during the compile process:
It creates several copies of JS libraries for different browser sets (One reason it can take minutes to compile), you can add/remove these as needed. This reduces the JS package that needs to be downloaded and increases the speed as it does not have to have those nasty if (EI) this else if (FF) that.
However when your doing local debug (at least in eclipse) you don't have to wait, allowing to leave that for the build server (or when you need to manually build and deploy (neanderthals)).
The downside of GWT. As it is a javascript client side (almost purely), you cannot utilize it for things that do not support it, or support one of the versions.
So for things like iPads and iPhones you can run into some issues if you don't use additional libraries designed to bridge those gaps (like mgwt).