Then user is wasting space for 2nd swap, without any additional (real) benefits. Additionally, said user doubles loss, due to getting rid of ability to have one physical storage device *without* swap writes to it

Performance of whole device (as usual, with higher CPU speed) - but, it's purely theoretical gain, as you're hardly doing other things while recording. That said, I always use 500-900 limits, so I may be missing some "lagging fun" at lower frequencies.

Yes, but it is related to either slowdowns of writing to storage medium, or what FMG said - in either case, it's not about CPU speed (which, even at 500 mhz, is able to generate writes for much higher speeds, than our flash storage media will ever allow).
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Theoretically, one could gain better speeds of writing by using real "spinning disks" HDD connected via USB mass storage mode. Hoever, hostmode seems to have max ~4 MB/s write speed (due to some imperfections in hostmode implementation), which makes WiFi our fastest connection with the world (if we skip N900 as USB client + USB networking scenario, which is even faster).

/Estel