Microsoft Knowledge Base Article 889654 contains the following summary:

The 64-bit versions of Microsoft Windows Server 2003 and Microsoft Windows XP can support more RAM than the 32-bit versions of these products. When lots of memory is added to a computer, a paging file may not be required. When you use the Pages/sec counter to measure paging file use, the value that is returned may not be accurate. To obtain an accurate measurement of paging file use, you must also use other performance counters. You can use System Monitor measurements to calculate the size of the paging file that your computer requires.