The "two times physical memory" concept for swap space is no longer really needed. It used to be the rule of thumb because prior to putting a process into memory, Solaris would go to swap space and reserve enough space to swap it out in the future. Things have changed and Solaris (8 for sure, possibly before...) doesn't do this. It will now go out and reserve space in swap when it needs to, not before. Makes things more efficient.
Anyway, the general rule of thumb now is to have enough to perform a full system dump (in the event of a panic), plus a little extra for legitimate. Yeah, not exactly a perfect formula, but if you're really using swap space heavily you've got issues.
Hope this helps.