Abstract-Reliability issues significantly limit performance improvements from Moore's-Law scaling. At 45nm and below, electromigration (EM) is a serious reliability issue which affects global and local interconnects in a chip and limits performance scaling. Traditional IC implementation flows meet a 10-year lifetime requirement by overdesigning and sacrificing performance. At the same time, it is well-known among circuit designers that Black's Equation [2] suggests that lifetime can be traded for performance. In our work, we carefully study the impacts of EM-awareness on IC implementation outcomes, and show that circuit performance does not trade off so smoothly with mean time to failure (MTTF) as suggested by Black's Equation. We conduct two basic studies: EM lifetime versus performance with fixed resource budget, and EM lifetime versus resource with fixed performance. Using design examples implemented in two process nodes, we show that performance scaling achieved by reducing the EM lifetime requirement depends on the EM slack in the circuit, which in turn depends on factors such as timing constraints, length of critical paths and the mix of cell sizes. Depending on these factors, the performance gain can range from 10% to 80% when the lifetime requirement is reduced from 10 years to one year. We show that at a fixed performance requirement, power and area resources are affected by the timing slack and can either decrease by 3% or increase by 7.8% when the MTTF requirement is reduced. We also study how conventional EM fixes using per net Non-Default Rule (NDR) routing, downsizing of drivers, and fanout reduction affect performance at reduced lifetime requirements. Our study indicates, e.g., that NDR routing can increase performance by up to 5% but at the cost of 2% increase in area at a reduced 7-year lifetime requirement.