Both my 98SE and XP Home drive images have been used exclusively from saved states since updating them to VPC6 over six months ago, through several duplications of the drive images (VPC6 copies the saved state also), problem-free and still running at the identical speeds when benchmarked.
I can't see how a saved state affects Windows virtual memory utilization, its just suspending the OS and resuming it exactly as when left off, except time and date getting updated.
What's essential with saved states is to be consistent with USB connected devices, not a saved state as with something connected, then resuming later as unconnected. I prefer to unmount all devices before saving state and remounting after OS gets resumed for problem-free USB driver recognitions.