In terms of performance, the best solution is always the one which gives you enough RAM so that you don't need to use the page file. I run my system with no pagefile. I couldn't do that with Photoshop 6 and Windows XP, but now that I'm running CS4 and Windows 7 it's not a problem.
IMHO it doesn't make a lot of sense to use a RAM drive as a pagefile because it's more efficient for the program to simply use the memory directly rather than going through the OS's virtual memory layer to swap pages between active RAM and pagefile RAM. But if you really, really can't run without a pagefile then that would be the fastest way to do it.
After that, an SSD would be the next best option. And it might well be the one that gives you the best overall performance if you go to the trouble of installing the OS and your programs on it as well - that would give you much faster boot times and drastically reduce the amount of time it takes to start programs up.