Has anyone tried this with Lion? I'm tempted but not sure if it's worth the risk since I upgraded.

I did but I don't think it works as Activity Monitor stills shows apps using virtual memory, although my /private/var/vm folder just has the sleep image in it.

Lion does things differently as Apple prepares to eliminate virtual memory through app state freezing and I have not dug around in launchd's logs to see if it continues to load vm.

DO NOT DO THIS IN LION

Ok so I attempted to continue with disabled SWAP in Lion and for a few months, it went ok. I noticed things slowing down recently and then a day ago I started getting total freezes about 15-30 minutes after booting up. I couldn't figure out what was wrong until I decided to re-enable Swap. It fixed all my issues and my mac is way faster once more. Please learn from my 3 month trial and error. Happy Computing!