I have the same problem.
We have a lot of servers - while 2.6.39.1-linode34 instances run just fine without swapping, 3.0.18-linode43 instances are REALLY swappy, to the point where sometimes they just hang up completely. Like this.
Notice the blank period - that's when the node was completely down.
Scary, huh? Fortunately for us, it's just one in a large cluster (that runs the same app code) so HAProxy just stop routing requests to that node, and no harm is actually done, except the slightly less overall capacity.
But it's a PITA nonetheless - in that case, we have to manually reboot from Linode Manager, cause even SSH is not responding.
I'm scared if it ever happens on our database nodes.
vm.swappiness is set to 0 on all machines, but it's not helping.