Off topic a bit ...
In my case I seldom had data corruption in the swapfile when I was doing quite a bit native compilation under pdaXrom. Swap partition is to prevent file corruption and wearing from spreading all over the card.
Partitioning may help, but the reason why is a bit more complicated. The real key to long CF life is
don't ever get all the sectors on the card "used". Wear leveling needs unused sectors to work. With wear leveling, when you write to logical sector X, the card actually picks a physical sector marked as "unused", marks it "used" and writes your data there. Next time you write to logical sector X, the card picks a
different physical sector, writes your new data there, then erases the previous one and marks it "unused". As a result, writes (actually its the erase before the write that wears out flash) are spread over the whole physical flash keeping any one sector from being erased and written over and over.
CF cards start with all logical sectors "unused". The first time you write to logical sector X it becomes "used".
Even if you later delete the file that was using it, it is still "used" (there will forever more be a physical sector mapped to it). The CF card doesn't know anything about your filesystem. Everything is a logical sector -- and a previously written logical sector that is back on the filesystem's free list is still "in use" as far as the CF card is concerned.
Using partitions doesn't stop your writes from being spread over the physical card (nor would you want it to), but it does stop them from being spread over all the
logical sectors. Without the partitioning, when the OS needs to allocate another sector, it just pulls one off the free list. That may be one that was previously "used" or it may be an "unused" one. If it's an "unused" one, you just reduced your wear leveling pool by one. Over time, unconstrained writes will cause the number of never written sectors to asymptotically approach 0. Partitioning keeps them constrained. Once every logical sector in the main partition has been written once, every subsequent allocation from the free list is forced to grab one of these previously used logical sectors and leave the logical sectors outside the partition untouched.
Good CF cards come with a decent percentage of "spare" sectors that are invisible and are always available to the card for wear leveling. Think of it as a "hidden" partition. But if you want to prolong the life of your card even more (or if you have doubts about how much protection the manufacturer has included), create a "reserved" partition with the number of sectors that you want to forever keep available for wear leveling. Do
not create a filesystem in this "reserved" partition. Use the rest of the space however you see fit. Once you have some reserved space, it doesn't really matter if you use a swap file or a swap partition.
Note that you have to do this
early in the life of the CF card. Once a card has been thrashed, it's not clear if there is a way to ever get the "used" sectors back to "unused". There is a low-level ATA "format sector" command that may do the trick, but it's impossible to tell if it really has any effect (and it's tough to find a disk formatting program these days that offers a "low-level format" option). That's also why buying a used CF card is such a gamble!