I imagine this question has been asked to death but which is better? Currently I have the page file set on my secondary HDD to conserve space on the SSD. My system has 16GB of DDR3 so I was tempted to ...

I let Windows manage my pagefile size on the boot volume and I also have a 5-15GB user-sized PF on a second SSD. Today, Windows decided that I needed a 32GB PF on the boot instead of the normal 5GB.