Good point on rootfs being on a separate partition. I do run a lot of optified apps, and many apps access a lot of files in ~ (though small, still wait in the queue during heavy swap I/O).

My uptime's ~6 days right now and I have 8 apps running, and it's showing no signs of slowing down. Everything is still lightning fast. My microsd card is a 4gb sandisk. Not sure the class, but maybe it is faster at the block size the swap is using. I should check that. I did a quick I/O test with dd/sync, and it seemed to be slightly slower than the internal MMC. I should retest with more granularity.

I can write up a howto as soon as I get to the office. It's pretty straightforward.

I'll also note some program load / switch times for reference and comparison.