This article focuses on a queue fed by a large number of "semi-Markov modul
ated fluid sources", e.g., on/off sources with on and off-times that have g
eneral distributions. The asymptotic regime is considered in which the numb
er of sources grows large, and the buffer and link rate are scaled accordin
gly. We aim at characterizing the exponential decay rate of the buffer over
flow probability for the regime of small buffers. An insensitivity result i
s proven: the decay rate depends on the distributions of the on and off-tim
es only through their means. The efficiency gain to be achieved by using sm
all buffers is significant, as the decay rate grows fast: proportionally to
the square root of the buffer size.