This is what MS says about I/O times on page files:
http://support.microsoft.com/kb/889654
Page file input/output rates
To avoid overloading the system or other disks with page input/output (I/O) activity, use the following guidelines when you set up the page file on your computer:
* If the page I/O (real disk I/O) rate is more than 10 pages per second, we recommend that you do not put the page file where the I/O activity occurs on the system disk. When the page I/O rate is 10 pages per second or more, we recommend that you dedicate a separate hard disk for paging.
* If the page I/O rate to a particular disk that is used for paging is more than 60 disk I/O operations per second, use more than one dedicated page hard disk to obtain better performance. To do this, use multiple non-striped disks for paging, or use raid 0 striped disks for paging. Dedicate approximately one I/O hard disk to paging for every 60 pages per second of I/O activity.
For example, if a system is averaging 150 pages of I/O activity per second, use three individual hard disks, or a three-disk raid 0 stripe set for the page file.
Note These estimates are for hard disks that run at 7200 revolutions per minute (rpm). If you use a hard disk that runs faster, the I/O rate a disk can handle for page I/O will increase.
Note If peak performance is critical to your system, use peak I/O rates instead of average I/O rates for these calculations.