Yes OS X does encrypt the VM file. OS X used to not do this, but in OS X 10.7 Lion Apple switched to having the VM file encrypted by default. You can disable this in Lion and I believe also in Mountain Lion by running the following Terminal command:
sudo defaults write /Library/Preferences/com.apple.virtualMemory DisableEncryptedSwap -boolean yes
You can also disable the system's dynamic pager by removing or otherwise disabling the following launch daemon in OS X; however, this is not wise to do, but if you are paranoid about the presence of a swapfile then you can do this.
/System/Library/LaunchDaemons/com.apple.dynamic_pager.plist
However, the above steps and concerns are completely unnecessary with a FileVault volume, since the use of CoreStorage's encryption routines has the drive fully encrypted underneath the OS. The encryption keys are present in RAM when the drive is unlocked and you are logged in, but if and when this information is written to the hard drive in a VM file this file will be encrypted just like any other file in the system. This is how the new FileVault works, and why it is such an improvement over the last FileVault.
If you are concerned about FireWire DMA snooping to get around this and recover encryption keys, then you can take several steps. The first is to run the above mentioned "pmset" command to have the system destroy encryption keys in memory when put in hibernate modes, even though this is redundant with FileVault already encrypting any keys that would be written to the hard drive.
Secondly, in more modern Macs the Intel chips used have DMA-blocking components (an I/OMMU) that can be invoked by the OS, so when you have a screen lock or some other software features enabled then FireWire DMA is blocked. Granted this needs proper programming and in the past Apple did make a mistake in early releases of Lion that allowed DMA access despite screen locks, but this has been largely addressed by now.
Lastly, by enabling a firmware password on the system it should disable FireWire DMA in all situations, which should effectively block any DMA access. Even older firmware passwords that could be reset manually are effective here since to reset them you will have to shut down the system and thereby clear any RAM contents.
In essence, while your concern is valid, you are overlooking a number of options that are both automatically invoked or which can be manually set to keep your system secure from the attack scenario you are imagining.