Even on tiny embedded devices, storage is cheaper than cycles IMO.
I'd like to add that your premise is faulty anyway: since compressed objects are smaller doing I/O on them is faster. As long as cost of the I/O you saved is less than the cost of doing the compression, it's faster not slower. Transparently compressed I/O usually uses high-speed algorithms (LZ4, LZO, etc) to take advantage of this effect.
Also, when a machine is swapping you'll usually find that the CPU is near idle since useful work is blocked on the swap I/O. Spending a little CPU time to speed up that I/O is a win.
I see this more as an additional tool in the box than something appropriate for 100% of Linux users. You'll know when you need it, but most probably won't.
The point of this is that it makes things /faster/, not /slower/. It's essentially trading 1GB of DDR3 for 3GB of DDR1, which is a net gain when your ram amount is more of a bottleneck than ram speed (which it pretty much always is, IME)
I'm skeptical that this is a big win in the case of Linux OR Mac OS, given that you want to avoid heavy swap usage to begin with. Especially as cheap as RAM is...
Just `apt-get install zram-config` and reboot, voilá.
I'm using it both on my laptop and desktop at work with 4Gb physical RAM. I have PyCharm and lots of tabs open in Chrome and it has to reach around ~2gb of compressed swap before it hits the disk. It doesn't even seem to slow down the machine in any noticeable way.
A truly nice, little hidden gem.