I fI want a swapfile (for example if I have disk space but not memory on the guest - almost always the case - I use the initial and max size what Windows has allocated.
But WoodyZ may dispute this advice of course. Or anything I post .
As to pagefile.sys I already commented on it in Re: New PC: Windows 8, 16GB RAM, SSD - recommended settings pls and as an example I've had issues with Adobe Photoshop if I didn't has a pagefile.sys file regardless of how much RAM I have on the system. So if one can get by without one that's fine, I don't have a problem with that, as I have a few VM's that it's completely turned off. However on the Host or Guest I'd always set it to something appropriate for how the systems are being used, YMMV. Nothing personal however as to anything you post if it's off base or erroneous, as it sometimes is, I'll say something regardless whether it's something you or someone else said! 