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Heterogeneous blocks, IP reuse, network-on-chip interconnect, and multi-frequency design are becoming more prevalent in integrated circuit design. Communication amongst these blocks typically employs first-in-first-out (FIFO) buffering for flow control. This paper characterizes and evaluates several common designs in order to determine which structure is best for various specific applications. Two clocked and four clockless asynchronous FIFO designs are compared varying capacity, bit width, and structural configurations. The FIFO layouts are characterized in the IBM 65nm 10sf process for latency, throughput, area, and power. First order models are created to aid in CAD for FIFO synthesis, modeling, and optimization. Comparative results show that the asynchronous designs uniformly out perform the clocked designs in nearly every aspect.