my £0.02
Because pagefile is built in, and some games use it, I have one. BUT I keep my hard drive free of fragmentation by:
Setting the MINIMUM pagefile size to the same as my system ram
Setting the MAX page file to the same
Then I defrag, so it's all in one place, then I reset the maximum size to double.
I chose those figures purely by my own immeasurable brain power... and fluke.
HOWEVER, I believe in having SOME SORT OF MINIMUM pagefile, from the very first moment of a Windows install BECAUSE then I defrag immediately, which places this minimum size of pagefile in ONE PLACE, and then, as I install other stuff, patches, updates, apps etc on the same drive, they dont get fragmented.
IF you have a small, varying size pagefile, it keeps canging size, which in turn takes up randon spaces on the hard drive, and then other stuff is installed AROUND these lumps taken space.
When you next reboot, you'll find the pagefile has shrunk, and your new installed software is abandones, miles away from the next piece of software.... then you install some new stuff, and the pagefile grows again, and this time it's somewhere else too....
fragmetation hell.
Set the pagefile to your chosen size, on DAY one, then defrag before you install ANYTHING...
and for years to come, your hard drive will be very organised with low fragmentation, which in turn keeps it faster