Let's say, the hardware looks like this:   
P4 - 3.2GHz, not dual core 
RAM - 2G 
Video - Decent, 6800 w/ 256 
HD - Two of them, a 7,200 noname and a (new) 10,000 WD 
MB - Whatever goes out that week as a Dell XPS 400 
Windows XP   
What is the best strategy for placement of Windows swap files vs. where the application files live?   
It is a speedy CPU, plenty of RAM...  It seems to me the tradeoff is in the speed of access to application files vs. the windows swap file.  When starting out, I put a big swap file on the fast drive.  Seems faster, but you know how the mind sees what it wants to...   
What are other's experiences?   
Fishy