A little old, but check out this MSDN article.
It describles the two types of page faults.
Hard faults are what you are thinking of - these are where data is not in RAM and has to pulled in from the swap file. They cripple performance (being 10 000's of times slower than RAM access for mechanical hard drives).
Soft faults, however, are triggered by pages that the program requests to be zero (demand zero pages), when a page is written to for the first time (if it was a copy on write page) or if the page is already in memory somewhere else (usually when shared between multiple processes). These are not so bad for performance.
So, you can expect to keep getting soft page faults, even without a page file.