How much margin do we have to add to the delay lines of a bundled-data circuit? This paper is an attempt to give a methodical answer to this question, taking into account all sources of variability and the existing EDA machinery for timing analysis and sign-off. The paper is based on the study of the margins of a ring oscillator that substitutes a PLL as clock generator. A timing model is proposed that shows that a 12% margin for delay lines can be sufficient to cover variability in a 65nm technology. In a typical scenario, performance and energy improvements between 15% and 35% can be obtained by using a ring oscillator instead of a PLL. The paper concludes that a synchronous circuit with a ring oscillator clock shows similar benefits in performance and energy as those of bundled-data asynchronous circuits.