I'd agree on the warning on disabling swap. It's just not a good idea. I don't even know if the way you're doing it is even effective. Too many opportunities for things to go awry.
So, back to the OT (Original Topic)....
Since SL, I've had similar issues. I've participated in several threads both here and on the Apple support discussion boards, and either people are seeing the problem themselves, or (aggravating) telling me I don't actually have a problem... sigh.
It seems like - I have no confirmation of this - that SN is fairly aggressive memory usage. For example, if I simply play a DVD in DVD Player, my Inactive RAM usage will continue to climb as I watch the DVD. For some DVDs, they'll actually fit entirely into my RAM, and I can move forwards and backwards in the title without any DVD disc accesses at all.
Now, that's pretty cool for performance. If data is in RAM, bam, it's there to be accessed with no delay in going to disk. I have no issue with this.
What I do have an issue with is that if I exhaust my RAM, say by watching a DVD, then after I've quit DVD Player and I go launch another app, I get swapping. SL just seems to want to hang onto that cached data even if it's going to cause swapping. Now, I'd _ass_u_me_ that if I've got 2.5G of RAM Inactive, then dangit USE IT when I've a) quit the app already and b) am looking to open up another app.
But no, I'm into swapping right away. It's as if SL just has to hang onto that cached data in RAM, so it needs to page it out so it can page in my new stuff.
Nicely enough, in one of the threads about this, someone chimed in and suggested simply running Repair Disk Permissions, and it works. The drawback is that it can take 3-8 minutes to run. However, many times you'll see the inactive set to free within a minute or so after starting Repair Disk Permissions, which is nice.
I also found out that running du -sx on the / filesystem will also do the trick when run as root. This is also nice, as I set up a script on my server to run that command every 60 minutes. Oh yeah, that's right, even on a server that just sits there and serves files I get swapping.
Oh well. I had some hopes that 10.6.3 would fix this, but I think this may just be how Apple wants it to work. It sure as hell gives you good performance in many situations, but it's not foolproof by a long shot.