"swap" has different meanings depending on the context.
The whole swap space (a.k.a. virtual memory) is including part of the RAM.
This RAM usage isn't reported as swap by the top command which only cares about disk usage; On the other hand, this RAM usage is included in "swap -s" statistics.
The top O/P is:
Memory: 64G real, 21G free, 48G swap in use, 144G swap free
The swap -s O/P is:
30893840k bytes allocated + 19781416k reserved = 50675256k used, 151396096k available
The 151396096k = 144G
What I don't understand is the difference between "allocated" and "reserved."
Also, does the 144G represent the total amount of swap space?
That's a pure semantic issue. What the "swap -s" command reports are accurate virtual memory statistics. "Total swap space" has always been used to describe the whole virtual memory under Solaris so this usage is consistent.
No particular reason. The "swap" command behaves as documented in its manual page.