The best thing I learned in algorithms class is:
For all realizable n, ln(n) is less than 40.
So when amortizing over a large window (say, a block size of 512), it can be the case that, for any realizable n, the logarithmic amortized costs are completely dominated by the constant non-amortized costs (adding an element to a block in this case)... making the operation effectively constant-time.