That depends jimhsu - consider the sheer throughput rates that you get when using the memory subsystem, vs throughput limitations on a single SSD. That increases the more you have to move around, so someone using a very high res texture pack would see an enormous benefit with a ramdrive, even over a SSD.
Probably. But I still argue that trying to put a MODDED skyrim installation (one that will significantly benefit from a ramdrive) on RAM is prohibitively expensive. My oblivion install folder is over 30GB, for comparison - could probably shrink that down to 20GB, but still. While 4GB modules are cheap, 8GB modules are nowhere near affordable usually. Fun project though.
I was actually comparing the SSD to something like http://www.engadget.com/2009/05/05/ddrdrives-ram-based-ssd-is-snappy-costly/ , which while still fast, is an order of magnitude slower than system RAM due to the limitations of PCIE - in which case might as well just go with RAID 0 SSDs. Keep in mind that loading ultra-high resolution textures is largely a sequential task, so the large benefit in random access compared to a SSD (which is already very fast) is less beneficial. So unless you can afford 8GB modules or you really have a whole lot of slots, getting Skyrim to work on RAM probably brings more hassles than benefits.
Posted on this similar topic on great length on another forum comparing SSDs and hard drives. You could probably derive anologous numbers for a RAMDisk vs SSD.
For some math:
Avg mechanical disk seek = 15ms
Avg SSD read seek = 0.1 ms
HDD sequential read speed = 100MB/s
SSD sequential read speed = 200MB/s
We'll assume 3 bytes/pixel (uncompressed)
Typical wow texture size: 256x256x3 = 196KB
Typical "modern game" texture size: 1024x1024x3 = 3.1MB * 3(diffuse, normals, glow) = 9.4MB. The diffuse, normal map, and glow map are typically contiguous in the packed file, so random access is insignificant here.
An SSD fetches a wow texture in 0.1 + (196KB/200MB/s) = 0.1 + 0.98 = 1.08 ms
A hard disk does it in 15 + (196KB/100MB/s) = 16.96 ms. Notice that even with a huge RAID 0 array you can't get this below 15 ms.
Performance advantage = 15.7x
For the modern game texture, an SSD does it in 9.1MB/200MB/s + 0.1 = 45.6 ms
The hard disk does it in 9.1MB/100MB/s + 15 ms = 106 ms. The SSD lead here is not so impressive anymore. With a 2 disk RAID 0 array, this becomes 60.5 ms. With enough cheap disks, we can easily beat the SSD in cost.
Performance advantage = 2.32x
This all goes back to the latency vs bandwidth argument. Here's a really old but decent review on that:
http://www.stuartcheshire.org/rants/Latency.html
For perspective, accessing data via ethernet on a remote computer with SSD (0.3+0.1 ms) is many times faster than accessing data locally via a standard hard drive.