Of course there be dragons. Oversubscription in various parts of the network can have interesting behaviour. Especially when coordinated user behaviour or complicated packet processing is at play. Think encapsulation or deep packet inspection. My worst case experience includes Cisco Nexus M1 32x10Gbps line cards maxing out at 1-2 Gbps throughput and 1+ sec worst case latency because of OTP. This is a datacenter core switch. And F5 WAF eating random packets because something looks like a VISA card number, causing a retransmit, that again shows up as high latency at higher levels.