Since there will be no disk access if it is disabled and all the programs will be memory resident, will it not improve the performance and program response times?
I'm not totally sure about other platforms, but I had a Linux machine where the swap-space had been accidently disabled. When a process used all available memory, the machine basically froze for 5 minutes, the load average went to absurd numbers and the kernel OOM killer kicked in and terminated several processes. Reenabling swap fixed this entirely.
I never experienced any unnecessary swapping to disc - it only happened when I used all the available memory. Modern OS's (even 5-10 year old Linux distros) deal with swap-space quite intelligently, and only use it when required.
You can probably get by without swap space, since it's quite rare to reach 4GB of memory usage with a single process. With a 64-bit OS and say 8GB of RAM it's even more rare.. but, there's really no point disabling swap-space, you don't gain much (if anything), and when you run out of physical memory without it, bad things happen..
Basically - any half-decent OS should only use disc-swap (or virtual-memory) when required. Disabling swap only stops the OS being able to fall back on it, which causes the OOM killer to strike (and thus data-loss when processes are terminated).