It is useful if you can locate your page file so that there is no contention between it and other files. Ideally one will place it on its own logical disk, or best of all on its own physical disk. If a page file is created in a shared partition ensure that you defragment the partition first - fragmentation of a pagefile causes poor system performance.

Optimal placement of the pagefile is easy if you are setting up a new system and are starting with a 'blank sheet of paper'. Few of us have that luxury however. When NT gets the capability to dynamically re-partition disks this will not matter as a separate partition for it will be able to be created on any system.

In the meantime, place it away from heavily used areas of disk. Think ahead as well. The size of the file needs to be large enough to cover its full life (currently without re-partitioning), remembering that the server could be subject to a number of upgrades.

Remember also that you can create multiple pagefiles on Windows NT.