ffkip911, here's a forum on swapper 2 in which some folks used it on the Cyanogen android phones:
Swapper 2 - CyanogenMod Forum. Some good info from users.
If you have a very slow SD card, I don't think using swapper 2 is recommended as it will be very slow. But then again, there are known problems with fast SD cards (class 6 and greater).