I can reproduce this as well -- ask if you need details

Thanks,
I need details.

FYI:
I can not set setrlimit() on x86_64 (only on i386). There are traces:

...
WARNING: try to set setrlimit(RLIMIT_MEMLOCK,64*1024*1024)
service_main(): 798: errno=1: WARNING: Cannot set RLIMIT_MEMLOCK 64*1024*1024
...
...  
service_main(): 803: errno=1: WARNING: Cannot set RLIMIT_MEMLOCK 32*1024*1024
...

started as 'root':  errno == 1 == EPERM

setrlimit():
       EPERM  A non-superuser tries to use setrlimit() to increase the soft or
              hard limit above the current hard limit, or a superuser tries to
              increase RLIMIT_NOFILE above the current kernel maximum.

If I try getrlimit():

+PID=17388: cfr-ntpd.PRO: ntpd.c: service_main(): 785: errno=107: WARNING:
getrlimit(): .rlim_cur=>32768< .rlim_max=>32768<

*** Bug 156939 has been marked as a duplicate of this bug. ***

This issue is on Red Hat Engineering's list of planned work items 
for the upcoming Red Hat Enterprise Linux 4.4 release.  Engineering 
resources have been assigned and barring unforeseen circumstances, Red 
Hat intends to include this item in the 4.4 release.

*** Bug 179914 has been marked as a duplicate of this bug. ***

An advisory has been issued which should help the problem
described in this bug report. This report is therefore being
closed with a resolution of ERRATA. For more information
on the solution and/or where to find the updated files,
please follow the link below. You may reopen this bug report
if the solution does not work for you.

http://rhn.redhat.com/errata/RHSA-2006-0393.html