When the room for memory mapped files gets low enough you get bad thrashing anyway, so the policy difference isn't that important.

Having no swap limits how much you can overburden your computer, but you also hit problems earlier. Here's some example numbers for 64GB of memory: With swap you can go up to 62GB of active program data (85GB allocated and used) before you have performance issues. Without swap you can go up to 45GB of active program data (63GB allocated and used) before you hit a brick wall of either thrashing or killing processes. The no-swap version is better at maintaining snappiness within its happy range, but it's a tradeoff.