From my understanding, FQ-CODEL should reduce bufferbloat even at line rate (http://forum.mikrotik.com/t/for-isps-motivations-and-methods-for-implementing-fq-codel-and-cake/154153/49).
However, it seems that even on ROS 7.14rc1 this is not the case (http://forum.mikrotik.com/t/for-isps-motivations-and-methods-for-implementing-fq-codel-and-cake/154153/49). BQL is missing at the network driver level and looks to be necessary.