Initially, I set my Pagefile to a non-boot HD (something I've always done, highly suggested if you actually need a Pagefile), in a 1:1 ratio (8+8GB).
In addition to that, I also wanted to make sure it was off the boot drive, because my boot drive was now an SSD.
Then I reduced the size to 2GB when I realized it wasn't really being used, and for the "10GB!" factor which made memory calculations easier...lol
Then, I wanted to A: get rid of the partition that the Pagefile was on, and B: noticed that the contents of the Pagefile were always the same, about 130MB... so I just said "screw you" and disabled it.
After that, I noticed Windows 8 would often re-create the Pagefile on the boot partition... after a few lazy attempts at preventing it from doing this, I just gave up and decided to limit it's size... first 512, then 256, so it's got roughly twice the space it desires for whatever it's tossing in there, but basically doesn't exist.
I don't know what it was, or when it changed, but now Windows doesn't use any Pagefile at all... the only time it's used the Pagefile is when I was intentionally maxing out RAM... Stress Tests, Rendering, or just tossing images into Photoshop until it won't allow any more.
The reason for reducing or disabling the Pagefile:
1. To use as much of, or only your physical RAM.
2. Storage space requirements.
The Reasons for enabling Pagefile:
1. Some applications insist on using it.
2. You don't have enough memory installed.
Fire up Performace Logs & Alerts, or Performance Monitor (depending on on which version of Windows)
Locate "Page File" object, and add the "Usage" and "Usage Peak" counters.
Locate "Memory" object, and add either or all of: "Pages/sec", "Page inputs/sec", "Page outputs/sec".
See how much of the page file it's using, leave Performance Monitor open for a day, see what "Usage Peak" ends up as, set your PageFile size to that + 50%.
If it's zero, then 0 * 1.5 = 0.