Virtually nothing in realtime applications can "gracefully" handle a page fault. Or more specifically - if you want it to be graceful it requires exact/predictable latency, which is the antithesis of general purpose virtual-memory swap mechanisms.
PC games are the worst example of this - as they end up full of stuttering, popping and hiccups whenever OS decides to do something with game-controlled pages.
Sure - virtually mapping (near infinite)disk storage into your memory space is a neat thing on paper, but for data that actually matters in a realtime app, it's a very-difficult problem to solve without degrading the player experience considerably, which is why most streaming schemes in games are very limited in how they work, or when they are more ambitious (eg. Rage) they come under-fire for their fail-cases. OS managed Virtual memory that has no context of game state can only worsen those problems.