"as soon as you hit swap" is a bad way of looking at things. Looking around at some servers I run, most of them have .5-2GB of swap used despite a bunch of gigabytes of free memory. That data is never or almost never going to be touched, and keeping it in memory would be a waste. On a smaller server that can be a
significant waste.
Swap is good to have. The value is limited but real.
Also not having swap doesn't prevent thrashing, it just means that as memory gets completely full you start dropping and re-reading executable code over and over. The solution is the same in both cases, kill programs before performance falls off a cliff. But swap gives you more room before you reach the cliff.