Paul Manning, from VMware, in response to a question I asked in the VI:OPS forums:
The current best practice for NFS is to not seperate the VM swap space from the VMhome directory on a NFS datastore. The reason for the originial recommendation was just good old fashioned conservitiveness.
More at the forum post, including more on the reasoning for the old recommendation of separating swap when using NFS – thanks, Paul, you made my day.