diff --git a/Performance.md b/Performance.md
index ccdf40a..904e90a 100644
--- a/Performance.md
+++ b/Performance.md
@@ -27,7 +27,8 @@ for 1000 files, 80ms each.
 Doing the same uploads locally on my laptop (both the uploading node and the
 storage nodes are local) takes 46s for 100 1kB files and 369s for 1000 files.
 
-
+Small files seem to be limited by a per-file overhead. Large files are limited
+by the link speed.
 
 ### Roundtrips
 
@@ -54,6 +55,11 @@ Doing steps 2-8 in parallel (using the attached pipeline-sends.diff patch)
 does indeed seem to bring the time-per-file down from 900ms to about 800ms,
 although the results aren't conclusive.
 
+With the pipeline-sends patch, my uploads take A+B*size time, where A is 790ms
+and B is 1/23.4kBps . 3.3/B gives the same speed that basic 'scp' gets, which
+ought to be my upstream bandwidth. This suggests that the main limitation to
+upload speed is the constant per-file overhead, and the FEC expansion factor.
+
 ## Storage Servers
 
 ext3 (on tahoebs1) refuses to create more than 32000 subdirectories in a