After much feedback from customers (and some loud feedback from MVPs, led primarily by Maciej Pilecki), Microsoft's Bob Ward just announced at the European PASS Conference that they are going to allow the 'lock pages in memory' privilege for all the lowly peons running Standard Edition. Currently this has only been allowed on Enterprise Edition, even though it was probably needed more often on Standard Edition. Microsoft was touting this as an enterprise, high availability feature when, for all practical purposes, it is a stability feature. Bob says this will be a trace flag and will debut in SQL Server 2008 SP1 CU2 (May) and SQL Server 2005 SP3 CU4 (June). His official blog post about the announcement is here:
Someone pointed out that Books Online insists that locking pages in memory is not required when running 64-bit, however field experience suggests otherwise. Bob says that there will be a KB article with more details on when and how to utilize the trace flag, and hopefully x86 vs. x64 will be addressed at that time (or preferably earlier).