i just had the 770 make a swap file on the VFAT parition of the MMC card using the control panel. it seems to work okay.
also, if you have a new model RSMMC card you can enable faster read/write with fanoush's kernel hacks. i used the one titled 52mhz multiblock read write. according to benchmarks, i get about 2x to 4x speed up.
Since I'm a newbie, I was wondering if it would be possible to have a tutorial written to include a swap partition and/or file right away.
By the way, I've already got my machine booting from the MMC. What would I need to do to add a swap partition now without destroying my OS on the MMC?