I think we all have to go back to where the idea of a virtual memory/pagefile (Windows, DEC VAX/VMS)/swapfile (Unix, Linux, OSX) comes from.
Back in the day RAM was a scarce and expensive commodity and the pagefile/swapfile was a logical way of keeping processes "open" whilst at the same time freeing up RAM for processes which demanded CPU attention. Essentially the pagefile/swapfile uses a portion of the hard drive as if it were RAM.
Windows (DEC VAX/VMS)/Unix/Linux/OSX are essentially designed to use a pagefile/swapfile. The Operating Systems simply cannot work without one being defined, so disabling the virtual memory is not an option. Even with the advent of cheap RAM and plenty of it, the virtual memory subsystem is still an important part with regard to the functioning of the Operating System itself.
The idea of using a different hard drive for the virtual memory made sense in that one was using two different sets of heads to speed up reads/writes from and to the pagefile/swapfile and this was a considerable performance gain over the virtual memory being on the same drive as the program/data drives.
It has to be remembered that no matter how many heads and platters a hard drive has, all the heads move together over the platters and the individual tracks under the heads at any time constitute what is known as a "Cylinder".
This reason has disappeared with the advent of SSDs going mainstream. With an SSD the pagefile/swapfile has achieved a good proportion of RAM speed. Using a second SSD for the pagefile/swapfile simply makes no real sense with regard to speeding up the system.
The caveat with regard to SSDs is that every write to an SSD brings it that much closer to death. We are now at a life-cycle of the individual cell down to 1,000 P/E cycles. That is when a cell has been written to for about a thousand times it is dead and that capacity will have been lost forever.
The very worst thing that one can do is to stick with the Windows default "Automatically manage paging file size for all drive" with regard to the virtual memory. This is simply because Windows sucks at it. You should always choose "Custom Size" and make the minimum and maximum size the same. This will improve performance in that Windows will not fart around trying to make decisions about the virtual memory and you getting messages popping up (I almost wrote "pooping up" which would be more accurate) about problems with the virtual memory.
I had written before that I am using a RAMdisk where I have placed the virtual memory and the driver software I use for this is RAMdisk for Windows from Softperfect
http://www.softperfect.com/products/ramdisk/ This software used to cost quite a lot but it is now (Version 3.4) freeware.
The RAMdisk I have created not only contains the pagefile.sys but also my browser cache. Remember the OS is permanently writing to the virtual memory and your browser is permanently writing to the cache.
The virtual memory can become corrupted. This happens for instance if your system suddenly stops working due to a BSOD or power cut and changes which were pending and still cached have not actually been written to the pagefile and disappear. This can result in the system behaving erratically after a reboot. The only way to cure this is to wipe out the old pagefile and create a new one.
With regard to the browser cache, in FireFox it is limited in size to a maximum of one gigabyte and when it is full then it will be flushed on the basis of FIFO (First In First Out). One gigabyte sounds like a lot, but it will fill up very quickly if you are watching videos online.
Every gigabyte you write to an SSD brings it one gigabyte closer to death.
A RAMdisk is where a hard drive is simulated in RAM (it's about the same as a virtual memory only exactly the opposite ) and is "formatted" with NTFS. It is created at boot by a kernel driver which preloads before the main OS. You can configure the RAMdisk to load with a specific drive letter (in my case "W:") So when the OS loads it knows where to place the pagefile.sys and not seeing one will create it.
So far I have done very well with a RAMdisk size of just over three gigabyte (two gigabyte for the virtual memory and one gigabyte for the browser cache).
The advantages of a RAMdisk are that the virtual memory is accessed exceedingly quickly and also, because the pagefile.sys file is created anew at every boot, any corruption which might have existed before the last reboot is gone.
Another advantage is that RAM doesn't care how often it is written to. It does not have a death timer on it the way that an SSD does. For this reason the virtual memory and browser cache which I have relegated to the RAMdisk is not wearing out my SSD prematurely.
If you have 16GB of RAM then you will not take a performance hit if you allocate 3GB or so for a RAMdisk, and if you only have 8GB of RAM then it is not a massive investment to get another 8GB