I think it makes sense to have swap be the smaller of 2x ram and 512 MB, unless you have specific needs.
On small memory systems, it really is useful to have 2x ram, because it can be pretty useful sometimes. On large memory systems, it's highly likely that your system is too far gone once it's used a significant amount of swap, so 512 MB seems like as good a place as any to stop. Swap used %, and swap in / out rates are a very good measure of system health, and if you have no swap, you lose out on those metrics. Ideally, for a small leak, you'll have enough time to get an alert about high swap use, and come in and inspect the situation before you start getting OOMs, but for a large leak, you want the system to fault quickly --- it doesn't do anybody any good to be up but deathly slow due to thrashing for a long time.