I don't even bother swapping CapsLock and Control; I just make them both Control. This is one of the first things I do on a new computer.
CapsLock has no reason to exist in this day. It was useful in the 50s, 60s and 70s, but not now.
The Microsoft Natural keyboards used to be pretty good, but every model from the 4000 on have had "mushy" keys which are really hard for me to type on. (MS just released a new model, and . . . I'm not holding my breath). MS keyboards are dead to me. If they made an "ergo" keyboard with decent key feel I'd buy about five of 'em.
I'm a Vim user and I have caps lock mapped to esc. That works surprisingly well even in other applications than vim.
Emacs guys might want to map it to ctrl.
http://c2.com/cgi/wiki?RemapCapsLock