I had to change it to 6 GB from default size of 2 GB on a production server few days back. Also, by default pagefile.sys is located in C:\ drive and now changed to D:\ as C:\ generally had a low on space than compared to other drives.
another bad while changing the size or path to this file is that you have to reboot server to take it effected and would recommend all to do in a maintenance window period.
I have to change the size and path on a clustered environment and had to figure it how ? As this file should be on local drives only. Had any body had made changes on Clustered A\P environment ? Kindly post how.
It doesn't matter how the pagefile defined in Clustered environment.
e.g. Node A has a 2GB pagefile in C: only, node B has a 4GB pagefile in D: only.
If the cluster group hosts on node A, the cluster has 2GB pagefile in C: (that's what Node A configured). If the cluster group failover to node B, the cluster has 4GB pagefile in D: only (that's what Node B configured).