Ok, my /proc/swaps looks ok:

Filename Type Size Used Priority
/dev/mmcblk1p2 partition 683000 85804 -1

but look at my /proc/partitions:

major minor #blocks name

7 0 3145728 loop0
179 0 15558144 mmcblk0
179 1 14191600 mmcblk0p1
179 2 683008 mmcblk0p2
179 3 683008 mmcblk0p3
179 8 31264768 mmcblk1
179 9 28315648 mmcblk1p1
179 10 2097152 mmcblk1p2
179 11 786432 mmcblk1p3

So my 16GB SD card is now on mmcblk0? And I am swapping to mmcblk1p2? How'd that happen? Where is the swap actually?

Meanwhile Conky correctly reports the intended (SD card) swap size, i.e. 667 MB. Fresh Swap on Flopswap also goes through.