Methods and structure for standardized, high-speed serial communication to reduce memory capacity requirements within receiving elements of a high-speed serial communication channel. In an exemplary SPI compliant embodiment of the invention, the semantic meaning of the STARVING, HUNGRY and SATISFIED flow control states is modified to allow the transmitting and receiving elements to manage buffer storage in a more efficient manner to thereby reduce memory capacity requirements while maintaining the integrity of flow control contracts and commitments. The methods and structure further provide for generation of storage metric information to dynamically update the flow control status information asynchronously with respect to data packet transmissions.