Another opine, I have 2 identical SATA drives. I created a small partition on the 2nd drive, 10GBs at the front of the drive, and made that my page file. Not 10GBs of course but it was an easy size to create and no big deal if not all used. I run 2GBs RAM and have a clean running XP Pro install, no crapware, and I keep defragged and spyware / malware free. No RAID. I use the 2nd drive as an image and backup drive with storage for ISOs and install programs.
I ran the page file on the Windows installed partition drive as a test knowing I'd probably move it after testing when I built the machine just for fun. I know, weird!
At any rate I saw a 2 to 7% performance boost after moving the page file depending on what I was testing and what test criteria I was using, i.e., games, office apps, etc. I used performance tests like Winbench and others plus my own observations.
To sum up I believe there is a difference in keeping the Windows OS folder on it's own partition on the C drive and the page file on it's own partition on the D drive. I also believe that placing the Program Files on a separate partition "D" in my case is a good move.