If we take that activity monitor ram pie chart out of the equation entirely, I think the crux of my and many other people's complaints with ram issues is that page outs DO occur on systems with plenty of memory, while doing tasks that should NOT be placing systems into a page-out scenario.
After effects is by and large the worst offender from my experience. It doesn't matter now small of a clip you place in a composition, if you scrub back and forth in time, it will somehow recache he the same frames over and over and over until all the ram in the system is consumed and the entire system chugs. No matter if it's 4gb, 8gb, 16gb. No matter how little ram you assign to after effects in preferences. And it's not a "oh the activity monitor shows page outs" situation, it's a "holy crap this 20mb image sequence has actually made my entire system lock up". It's persisted across multiple versions of OSX, multiple systems I've used, and multiple versions of after effects.
I mostly blame Adobe for having the worst coders in the universe, but I do also hold apple partially responsible for not having some OS level enforcement of applications that behave this way and can cause system wide instability.