With the extreme scaling, active devices in both CMOS and BiCMOS technologies have reached outstanding ft/fmax, enabling an ever-increasing number of existing and emerging applications in the microwave and millimeter wave (mm-wave) frequency range. The increase in transistors ft/fmax has been so much significant that the performance of microwave and mm-wave ICs are limited mainly by losses in passive devices. In this paper, we address a discussion on qualitative and quantitative aspects that may help to further unveil the impact of such losses on the overall circuit performance and stimulate the adoption of effective loss-aware design methodologies. As example, we report the results related to the design of low power mm-wave low noise amplifiers (LNAs). Our results show how, in low power regime, the performances of mm-wave LNAs are dominated by losses in passive components. We also show how loss-aware design methodologies can mitigate the performance degradation due to passives, resulting as an important tool to get the full potential out of the active devices available today.