i find that running 2gb ram with bf2 fully cranked and a couple other applications (teamspeak, xfire, etc) and no paging file uses almost all of my physical memory. so, i bought another gb of ram. now with no paging file i can still i can run everything (like six heavy programs) at once while playing an intense game. i dont know why i would want to, but now i have the option, lol.
page file is totally useless if you have enough ram. plus, the cpu is able to access the ram faster, especially with an amd rig.