So, if you have a lot of RAM, you don't need a pagefile, right? Not necessarily. When certain applications start, they allocate a huge amount of memory (hundreds of megabytes typically set aside in virtual memory) even though they might not use it. If no pagefile (i.e., virtual memory) is present, a memory-hogging application can quickly use a large chunk of RAM. Even worse, just a few such programs can bring a machine loaded with memory to a halt. Some applications (e.g., Adobe Photoshop) will display warnings on startup if no pagefile is present.
My advice, therefore, is not to disable the pagefile, because Windows will move pages from RAM to the pagefile only when necessary. Furthermore, you gain no performance improvement by turning off the pagefile. To save disk space, you can set a small initial pagefile size (as little as 100MB) and set a high maximum size (e.g., 1GB) so that Windows can increase the size if needed. With 1GB of RAM under normal application loads, the pagefile would probably never need to grow.