If you can put it on a diferent disk it would be a little better then if it was on the same disk but a different partition.
A long time ago I read an article that said you should put a pagefile on a FAT(32) formatted drive, tho I can't remember the reasons. I since put it on a NTFS partition (different disk then the partition XP lives) and don't notice any performance when it was on a FAT partition (which was the same partition only needed a fet NTFS permissions set on that one..).
