I have a SSD and I set the pagefile pretty small. I dont like constant thrashing on my hard drives, and based on what I read from the uber nerds in the SSD thread, I should not be constantly moving data on an SSD. Thats why they recommend using TRIM and not using defrags, to avoid unneeded work.
And seriously, with 8GB of RAM Windows should be just freakin fine. I dont like the idea of my OS deliberately wasting space just cuz it can.
The above arguments of "what if you wanna run 20 programs all of which need 4GB each" is also irrelevant. My CPU couldnt handle doing all that at the exact same time anyways. And I seriously doubt my hard drive or SSD works as fast as RAM, so writing a 12GB pagefile would be slow, noisy, and possibly destructive if I did it all day long. I recently stopped file sharing for that very reason.