The RAMpage memory hierarchy is an alternative to the traditional division between cache and main memory: main memory is moved up a level and DRAM is used as a paging device. The idea behind RAMpage is to reduce hardware complexity, if at the cost of software complexity, with a view to allowing more flexible memory system design. This paper investigates some issues in choosing between RAMpage and a conventional cache architecture, with a view to illustrating the trade-offs which can be made in choosing whether to place complexity in the memory system in hardware or software. Performance results in this paper are based on a simple Rambus implementation of DRAM, with performance characteristics of Direct Rambus, which should be available in 1999. This paper explores the conditions under which it becomes feasible to perform a context switch on a miss in the RAMpage model, and the conditions under which RAMpage is a win over a conventional cache architecture: as the CPU-DRAM speed gap grows, RAMpage becomes more viable.