Thanks kahm, that was enlightening.
Its easy to validate swap partitions as write intensive, considering that every running process may buffer its volatile data into it, refreshing it every now and then - when streaming encoded music, for example, this is happening in a rather high frequency, if part of it is decoded in your flash partition. So my guess is that the warning should be taken serious.
On the other hand, if you are trying to do a memory intensive task, it could be the only way to activate a swap partition to get it done. Then one should not forget to erase the swap partition afterwards, since Cacko mounts any existing swaps at boot time and this could be forgotten easily.
A less critical way to poke some memory out of the Z is to stop the qeserver-threads when you actually don't need them (you will see which Qtopia programs run without them, once they are stopped). On my C700, I found this the only way to comfortably use zeditor and compile Java source with Kopi in QConsole at once. If you stop your running qeservers, however, you have to restart them with the zaurus user and qpe group as command line parameters, when you need them again:
$ qeserver zaurus qpe
If you need them for system administration tasks, like changing your tab configuration with the "Tab Setting" application, you should start a qeserver as root, but give it the same user and group parameters as shown above. Personally, I'm using a toggle script for this which can be triggered from a desktop icon.