it's only faster if that drive is on a separate channel altogether; a different SATA drive, or a separate IDE controller for example.
The reason is simple; The system drive is where all the system dlls and files are loaded from, and program files, and so forth. the theory holds that using a separate drive will, as ST said, reduce seek times, as the pagefile is accessed sequentially, rather then, for example, accessing a bit of the PF, seeking over to say, comctl32.dll to load a resource for some program, etc; basically, moving the read/write heads around a lot, constantly back to the pagefile.
having partitions just for the pagefile are helpful solely because they prevent the pagefile from getting fragmented, which is unlikely in the worst scenarion anyway.
The only time one would get a good benefit is if the other hard drive is a LOT faster then the system drive- I encountered this scenario with my old PC, whereby my C: drive was both too slow and too small to hold the pagefile (A mere 2GB) I was therefore forced to move the pagefile to my second hard drive, an 8GB drive that was far newer and faster (still old though). originally, this actually caused my PC to freeze every boot. I had to do a chkdsk, because the pagefile had been places where a sector had gone bad (I was poor and had to work with old hardware
). After that things worked fine for me, and it was far faster then it was when I had the pagefile on my system drive, likely because the system drive was old and slow.