@B00tDisk-
Yes, of course, for boot and data partitions, use NTFS, no doubt about it. The feature set puts it far above any other Windows filesystem. But, do you need ANY of those features for a swap partition? (What should I format my swap partition as was the original question...)
My gut instinct is to use FAT32 for your swap, if you're going to use a dedicated partition. Why add the overhead of NTFS permissions and fault recovery to a drive that doesn't need them?
But, I don't really think breaking out swap from your Windows partition will give you any noticable performance gains over a non-fragmented fixed-size pagefile on an NTFS partition, though. At one of my old jobs, we benchmarked several different NT swap setups, and chose to go with a fixed-size pagefile on the NTFS system partition, as it was the all-around most efficient setup for a single HD workstation. We found no appreciable speed difference by placing swap in a seperate partition, and, of course, you lose the ability to easily increase your pagefile should the need occur.
If you have two or more drives in your system, and they are identical drives, putting the swap partition on the drive that does not contain the system partition will speed up things a slight amount. But if that drive is slower than your system drive, the small speed gains you make can be wiped out... and you may even get a performance penalty. (In other words, I wouldn't recommend putting an old 1 gig drive in your system for the sole purpose of having a swap drive -- it'll hurt more than it helps.)