I hate to chime in on the whole pagefile thing but it is worth noting that no pagefile will probably work GREAT! Right up to the point where it doesn't. If you end up with weird crashes or bluescreens, you might end up having a hard time debugging what's going on. "Out Of Memory" (OOM) errors tend to be extremely erratic/intermittent. You'll notice that pretty much everyone in this thread commenting on this is saying there are caveats to running without a pagefile. There's a reason for that.

Running without a pagefile is somewhat similar to overclocking your 3.6GHz CPU to 3.8GHz -- 99% of the time it won't be an issue but 1% of the time you're basically screwed. If you're willing to accept potential problems, go for it! I'd definitely recommend keeping your backups up-to-date, though, if for no other reason that it is Just Good Policy(tm).