Weird, wonder what makes people think you can't run a stable system without swap?
A system can run fine without a paging file providing the amount of system committed virtual memory your workload requires does not exceed the amount of physical memory of the system. However, there are a couple of disadvantages with doing so.
But windows does seem to mess about writing to swap even when ram is not full, hence the slight performance boost if you can prevent this altogether.
Of course, that's the function of the paging file. There seems to be this myth that the paging file is only there to accommodate the user when they have exhausted their physical memory capacity, which isn't correct. By having a paging file, the system can write pages on the modified page list, which represent pages which have been taken out of a process working set because they aren't being accessed actively but have not yet been saved to disk, out to the paging file. This then results in that memory being available for other purposes, such as caching.
Also, something which is important to take into account is that when pages have been written to the paging file and the data has been saved, the pages are moved to the standby page list where it can be soft page faulted back into the process working set. A process will only need to read from the paging file if the memory manager gives the page which belonged to the original process to someone else. If it gets to that point, the fact that it has to read it's data back in from disk is going to cause a negligible impact on system performance. You can find out more information about the paging lists and what goes where and when
here.
If there is no paging file, private modified pages would have to be backed by physical memory. Forcing data which isn't being accessed actively to occupy space in memory isn't a particularly intelligent thing to do. The system also won't be able to generate crash dump files without a paging file. Assuming you are happy with those two disadvantages, you also have to take into account whether your workload requires a paging file or not. If your workload requires more system committed virtual memory than the amount of physical memory you have in your machine, and you disable the paging file, you will run into problems which I demonstrated this in this thread
here -
post 35.
If we assume you are going to have a paging file, when it comes to what sort of size you need, there is no single answer because it will depend on your workload. If you are not interested in monitoring how much system commit your workload requires, letting Windows manage the paging file size should be sufficient. If you are looking to size the paging file yourself though, have a read of this paper
here.