Not everybody needs minidumps, though - especially considering most users don't know how to diagnose them. And they only happen on BSODs anyway, so on a well-working computer... you're not even going to see them. Dunno if you need a 64meg pagefile for that though, a minidump itself is only 64kbyte (128kbyte for 64bit windows).
The problem with pagefile on windows is that it tends to page out stuff even when it doesn't need to. I go by the principle that unused RAM is wasted RAM, while windows seems to prefer trimming working sets even when there's still plenty of free RAM - and this means paging stuff out to disk. Paging out and reading back in is slow.
With one gigabyte RAM, I had to re-enable pagefile temporarily every now and then, I had a few games that would crash otherwise. But with 2 gigs and up, I've never faced an out-of-memory situation, even though I've been running a lot of fairly memory-hungry applications at the same time (visual studio, vmware, et cetera).
How much or how little performance you gain by disabling the pagefile might be a bit of a religious issue - the system "feels a bit smoother", but nothing I can quantize, really. But knowing that I get less disk writes is a nice feeling.