It works fine in my experience. Swap-wise, it seems to require "seeing" 2GB at startup, but it doesn't use it all and the "seeing" can overlap, so if you have small piers, you can usually start several even while only having 3GB of RAM. If one pier is large, you may need to start that last. For example (and this is totally empirical, I've never properly studied it):
Pier 1 uses 1500MB and Pier 2 uses only 500MB and you want to start them both on a machine with 3GB of RAM (including swap). If you boot pier 1 first, it checks that you've got at least 2GB, and you've got 3GB so you're fine. Then you boot pier 2, and it checks but finds you only have 1.5GB remaining, so it fails to start.
If you boot pier 2 first, it checks and finds you've got 3GB, so it starts. Then you boot pier 1 and when it checks it find you've still got 2.5GB, so it *also* starts.
This is obviously not a great state of affairs, but as best as I can tell that's how it works.