Whats nice about placing os9's system folder and os X's system folder on different partitions or even better on different drives, is that there is less confusion.
If you've ever used yaboot or anything like that, you'll know what I mean.
As for the Swap space:
Swap space is space for virtural memory. In OS 9 you can pick the volume for this to happen on.
In Mac OS X you can but its more dificult.
The idea/philosophy behind placing the swap space on another partition is to prevent it from fragmenting your files. Its also a nice place to put various application's swap files, like the gimp, photoshop, and vista scan (or whatever, there are many examples).
So make it large enough, at the least, for your system's swap file. If you want, double it for other stuff.
Bottom line, if you have a 30gig disk, making a 1gig partition for this really isn't a complete waste. Although I'd limit it personally to 500 megs.