Turns out that the 32MB of video memory on the card wasn't enough to deliver 32 bit colour depth on 2 screens at 1680 x 1050 resolution.
However, since I'm currently only using 1 display, I was able to divert some of the juice from the secondary display by going to:
Display Properties >> Advanced >> Dual Head >> Advanced Settings >> Display Capabilities >> Change Settings
This brings up a slider which you can use to adjust the ratio of memory used between the two heads and voila! 32 bit colour depth at WSXGA resolution (on 1 display).
However, since I'm currently only using 1 display, I was able to divert some of the juice from the secondary display by going to:
Display Properties >> Advanced >> Dual Head >> Advanced Settings >> Display Capabilities >> Change Settings
This brings up a slider which you can use to adjust the ratio of memory used between the two heads and voila! 32 bit colour depth at WSXGA resolution (on 1 display).