I like quick wake from hibernation -- in fact, that's what makes it preferable to just shutting things off -- so I left hibernation turned on. I also have the page file on the SSD. Yes, that's going to increase the wear on the SSD.... so it's going to wear out in seven years, instead of lasting me ten. At which point I'll be able to replace it with a vastly larger and faster SSD that costs less. Except I'll probably no longer even have that particular computer by then anyway.
But if you want to maximize the life of your SSD (or just don't have the room) and still take advantage of hibernation, it's possible to move the hiberfile -- so you could put it on your Raptor also.
The other issue is this. When you hibernate, each time windows will write 8gb to the hard drive. Assuming you hibernate one time a day, you're looking at one 8gb write, which in the grand scheme of things isn't all that bad.
Actually, that's not true in Windows 7. Yes, the hiberfile is the same size as your RAM, but Windows doesn't write to the entire thing under most circumstances. When hibernating, Windows 7 first forces a trim of the workingset of all apps and itself, so things like read-only data and code pages that are loaded but not actually in use are flushed. Then it only writes out in-use pages: it doesn't write out the free memory (which by definition doesn't contain anything you care about). So if your 8GB system is only actually using a couple of GB (once the workingsets are trimmed), that's all that is written to the hiberfile, though the file has 8GB reserved to handle the worst-case scenario.
BTW, to maximize performance in photoshop you want to keep its scratch file on a separate physical volume from the system page file, and it probably won't hurt your SSD very much to have it sitting there.
Disabling the pagefile is one of those things people do to preserve the writecycles on the drive. To be honest, the pagefile only comes into play if you run out of RAM and have to use the drive as even more memory space (albeit slower), so leaving it on or off likely won't make any sort of difference in your SSDs overall health.
Well, Windows does write in-use pages out to the page file in the background, to handle the case where you start running a memory-hungry app that wants memory asap, so that the OS can just hand over the pages that are already sitting in the pagefile rather than holding up everything while it writes things out. So even in cases where you're not low on memory, Windows will be doing some writing to the page file (which seems to upset people who don't understand what's going on). But again, the total amount of writes is unlikely to reduce the useful lifespan of the drive all that much.