A few months ago I had to help one of our scientists (the company is called 5AM Solutions.. they the awesome) run a bioinformatic job written in Perl and R. As it turned out, for long stretches of the processing the job required around 20 GB of memory. The one server that had all the required dependencies installed had only 8 GB at the time.
When I let the job run the first time, it started to page out memory to hard disk. The job ran for about four days, was only about 25% complete and during that time frame the server was un-useable for any other functions. Pretty much everything came to grinding halt.
Between that first run and the time our new RAM would be installed, just for grins, I gave the system 30 GB of swap space on the locally attached SSD. With that configuration the job finished in 19 hours and during that time the server was still responsive of other tasks.
When we finally added the appropriate amount of physical RAM the job took only 15 hours to complete.
It is the first time I have ever seen virtual memory be useful.