I belive you will eventually run into problems running without a swap partiton. I have 2Gb ram and entering free in a treminal this is the result:
As you can see swap is being used. I currently have running, Firefox, 2 terminals, 2 instances of Acrobat, and 2 instances of nautilus. It's not a lot, usually I have a lot more running. I'm running Intrepid alpha3 and I'm limited to only 2 workspaces because compiz only works occasionally.
total used free shared buffers cached
Mem: 2025152 1925972 99180 0 45184 1099976
-/+ buffers/cache: 780812 1244340
Swap: 5662872 660 5662212