We are now discussing which is faster at paging, RAM or HDD - the answer is obvious...RAM! What needs to be explained, is how using RAM-based-Paging affects the swapping process and ALL contents within the memory system.
Windows (Vista and beyond) will try to max out your memory usage with items that you consistently use. With this form of memory management, the purpose of paging is to keep a sorted list of all objects and relieve RAM of the more redundant objects. Think of a pagefile as being a clone of what's currently in RAM + what COULD be useful, but just isn't at that time. Even though they don't belong in the RAM, they still benefit by being sorted and kept in a special place. This is why having your pagefile located in the proper place can be important. Non-fragmented pagefiles located at the beginning of good-performing disks can ensure that our sorted data loads MUCH faster. Problem is, Microsoft's implementation of Pagefile-configuration doesn't include any automated quality-control. If your pagefile is scattered about or located in a low-performing location, it MAY - in some situations - increase the responsiveness of your PC by disabling the PF. However, you should note that overall it will be the opposite effect. Here’s why:
If you load up a program called 'Ms. Piggy', she's going to boss everyone around until they decide to go to another room (aka the pagefile). If the building has no other room (pagefile disabled), they're going to either leave the building completely, or partition the first room. This partitioning will cause Ms. Piggy to place her purse in the other room, and force all but the very-most-VIPs (if not everyone) to go home. When Ms Piggy’s number is over, we run into a problem... We will have to call up some cab drivers, get them to go to everybody's house and pick them and/or their stuff up and bring it back to the office. There will be traffic along the way, and maybe even a few jams…this may take a LONG, LONG TIME. On the other hand, had we actually had a pagefile - the VIPs could stick around and observe Ms Piggy's performance. At the moment it ended, the VIPs could’ve started working immediately. All the secondary staff and related files could also be brought back in from the nearby storage area. Maybe that storage area was located on another floor, maybe it was a mail-room, doesn’t really matter cause it still beats having to travel across town.
Again, EVERYONE should understand that this ONLY pertain to a Windows OS of Vista and beyond (greater than XP...). In windows XP, RAM is NOT properly used by the OS in any manner; Paging takes on a virtual-memory-like role as opposed to the queuing-role that is used in Vista and 7. BUT!!! Because XP doesn't use extended amounts RAM except when required, using that space as an enhanced-paging-file can be a possible way to trick Windows into keeping more objects inside RAM. This is why Disabling/enabling a PF in XP can be a matter of discussion, in Vista and up, it generally can-not.
XP: If you have LOTS of RAM...and aren't in threat of any programs going bonkers due to a lack of a large-PF - disabled can offer benefits.
'Vista and beyond': RAM should be filled down to 0MB free by the OS. Programs should load faster and quieter, PF usage handles all the tracking and relocation of lesser-used apps/data in the background. No benefits should be gained by disabling a PF.
The arguments of NO PF are based almost ENTIRELY on the XP loophole. It does not hold true for later operating systems.