There is a wide-spread myth that swap space should be twice the size of RAM. This might have provided some benefit when 16M of RAM was a lot and disks had average access times of 20ms. Now disks can have average access times less than 10ms but RAM has increased to 1G for small machines and 8G or more for large machines. Multiplying the seek performance of disks by a factor of two to five while increasing the amount of data stored by a factor of close to 1000 is obviously not going to work well for performance.
A Linux machine with 16M of RAM and 32M of swap MIGHT work acceptably for some applications (although when I was running Linux machines with 16M of RAM I found that if swap use exceeded about 16M then the machine became so slow that a reboot was often needed). But a Linux machine with 8G of RAM and 16G of swap is almost certain to be unusable long before the swap space is exhausted. Therefore giving the machine less swap space and having processes be killed (or malloc() calls fail – depending on the configuration and some other factors) is probably going to be a better situation.
There are factors that can alleviate the problems such as RAID controllers that implement write-back caching in hardware, but this only has a small impact on the performance requirements of paging. The 512M of cache RAM that you might find on a RAID controller won’t make that much impact on the IO requirements of 8G or 16G of swap.
I often make the swap space on a Linux machine equal the size of RAM (when RAM is less than 1G) and be half the size of RAM for RAM sizes from 2G to 4G. For machines with more than 4G of RAM I will probably stick to a maximum of 2G of swap. I am not convinced that any mass storage system that I have used can handle the load from more than 2G of swap space in active use.
The reason for the myths about swap space size are due to some old versions of Unix that used to allocate a page of disk space for every page of virtual memory. Therefore having swap space less than or equal to the size of RAM was impossible and having swap space less than twice the size of RAM was probably a waste of effort (see this reference ). However Linux has never worked this way, in Linux the virtual memory size is the size of RAM plus the size of the swap space. So while the “double the size of RAM” rule of thumb gave virtual memory twice the size of physical RAM on some older versions of Unix it gave three times the size of RAM on Linux! Also swap spaces smaller than RAM have always worked well on Linux (I once ran a Linux machine with 8M of RAM and used a floppy disk as a swap device).
As far as I recall some time ago (I can’t remember how long) the Linux kernel would by default permit overcommitting of memory. For example if a program tried to malloc() 1G of memory on a machine that had 64M of RAM and 128M of swap then the system call would succeed. However if the program actually tried to use that memory then it would end up getting killed.
The current policy is that /proc/sys/vm/overcommit_memory determines what happens when memory is overcommitted, the default value 0 means that the kernel will estimate how much RAM and swap is available and reject memory allocation requests that exceed that value. A value of 1 means that all memory allocation requests will succeed (you could have dozens of processes each malloc 2G of RAM on a machine with 128M of RAM and 128M of swap). A value of 2 means that a different policy will be followed, incidentally my test results don’t match the documentation for value 2.
Now if you run a machine with /proc/sys/vm/overcommit_memory set to 0 then you have an incentive to use a moderately large amount of swap, safe in the knowledge that many applications will allocate memory that they don’t use, so the fact that the machine would deliver unacceptably low performance if all the swap was used might not be a problem. In this case the ideal size for swap might be the amount that is usable (based on the storage speed) plus a percentage of the RAM size to cater for programs that allocate memory and never use it. By “moderately large” I mean something significantly less than twice the size of RAM for all machines less than 7 years old.
If you run a machine with /proc/sys/vm/overcommit_memory set to 1 then the requirements for swap space should decrease, but the potential for the kernel to run out of memory and kill some processes is increased (not that it’s impossible to have this happen when /proc/sys/vm/overcommit_memory is set to 0).
The debian-administration.org site has an article about a package to create a swap file at boot  with the aim of making it always be twice the size of RAM. I believe that this is a bad idea, the amount of swap which can be used with decent performance is a small fraction of the storage size on modern systems and often less than the size of RAM. Increasing the amount of RAM will not increase the swap performance, so increasing the swap space is not going to do any good.