As I said earlier, swap is needed. The swappiness control is pretty gross - in that it affects the whole system.
For your average desktop user that want to bias their system one way or the other, it's possibly useful. I suspect most game players couldn't give a damn if O_office takes a while to swap back in, when they finish a game and have to get back to their homework.
There are kernel patch sets available that modify the current, and/or add new scheduler algorithms if you're feeling keen.
Not generally considered "stable", but features implemented will potentially make into the release stream at some point.