Interestingly I always use swapfiles and this page made me realise there can be a performance impact if the filesystem is old - the lkml link says as long as the swap file isn't fragmented there's no impact
One nice thing about swap partitions is that they can be fixed in place even before OS installation.
(Of course, if you’re using swap enough for this to be a huge factor, you probably have bigger problems. But I haven’t done the math.)