I get pretty tired of all the dire warnings to not disable virtual memory under any circumstance. I wouldn't go and do that without mininum of 16G of RAM, which is what I have, but having done so, I can tell you that Windows (8.1) just uses RAM as page file. All it means is that your RAM isn't as big as it was before. Example: my setup at the moment. 3 browsers running (browsers are notorious memory hogs, the more tabs you have open, the more they use.) AVIDemux is encoding a movie. Few file manager windows open. There is no pagefile. Task Manager reports 3.8G in use, 5G cached data, 6.3G free. 1G is hardware reserved (Video, I suppose). So, why do I need a pagefile? I am giving up 5G of RAM so my 1TB Samsung SSD doesn't get all that unnecessary data written to it. Seems like a pretty good trade to me. Now, what I do notice is that when the movie is finished encoding, the cache part of the memory doesn't shrink. That might take some looking into.
I read an article on Ars Technica saying that SSDs will take hugely more data written to them than what people think, so stop worrying about how big your pagefile is. But the SSDs they were testing were failing after ~700TB being written to them. To me, that is not a huge amount of data over the life of the device. In this case, the drives were all around 250GB, which means they were effectively filled up about 2800 times before wearing out. If the drive is being hammered day in, day out with a 16GB pagefile, how long would it take to add up to 1TB? You might do it in a day, it seems to me. The point is, SSDs wear out, RAM doesn't.
Anyway, I experience no issues without a pagefile, Windows hasn't warned me about anything in that regard; I just don't worry about it. If I ran a lot more stuff it could get to be a problem, but I don't. It's already been mentioned here that the pagefile had its beginnings when typical PCs had 2 - 8 MEGAbytes of RAM, and 4 megs of it would cost you a couple of hundred dollars. This is why your 386SX-16 ran so slowly, because it was swapping huge amounts of data back and forth to the 40MB hard disk.