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#21
The answer is a qualified 'yes' -- the qualification being how much actual memory you have, what applications you run and how they work.
There is a great (relatively speaking) benefit for the page file being on a drive not currently in use when the page file services are needed. What happens is that the OS temporarily moves program code out of main memory into the page file when it needs that space for other program code for immediate processing. Paging is a relatively slow process. Anything that can speed it up increases the overall efficiency of the system. Since the presumption is that the OS will be reading in code either from itself or from applications most probably located on the system drive, having the page file elsewhere is an advantage.
With slower hardware (P4C, 4GB DDR RAM) and XP Pro 32-bit, using PhotoShop, this was easily demonstrated. Install XP Pro on a 36GB Raptor, use a 2nd 36GB Raptor for data (your images), use a 3rd 36GB Raptor for PhotoShop's scratch/cache files. Start with the page file on the system drive. Then move the page file --all 8GB of it -- to a 4th 36GB Raptor. The improvement when editing very large images was easily noticable. (So to was the impact of moving the PhotoShop cache to its own drive.)
Today, with much faster hardware, and especially with more memory available to 64-bit versions of the OS, the effect is much less noticable, but it is still there. The whole point of having extra real memory is not having to depend on a page file when you are taxing your system. However, there are still situations where it is needed so, in general, I do not recommend that it be gotten rid of entirely.
As I noted above, when I finalize my Win.7.x64 installation, I will most probably move the page file back onto the system drive. At that point, the system drive will be a RAID-0 array comprised of a pair of 150GB VelociRaptors -- except for SAS/SCSI and SSDs, nothing is faster.