Enormous fluid antenna systems (E-FAS), the system concept that utilizes position reconfigurability in the large scale, have emerged as a new architectural paradigm where intelligent surfaces are repurposed from passive smart reflectors into multi-functional electromagnetic (EM) interfaces that can route guided surface waves over walls, ceilings, and building facades, as well as emit space waves to target receivers. This expanded functionality introduces a new mode of signal propagation, enabling new forms of wireless communication. In this paper, we provide an analytical performance characterization of an E-FAS-enabled wireless link. We first develop a physics-consistent end-to-end channel model that couples a surface-impedance wave formulation with small-scale fading on both the base station (BS)-surface and launcher-user segments. We illustrate that the resulting effective BS-user channel remains circularly symmetric complex Gaussian, with an enhanced average power that explicitly captures surface-wave attenuation and junction losses. For single-user cases with linear precoding, we derive the outage probability and ergodic capacity in closed forms, together with high signal-to-noise ratio (SNR) asymptotics that quantify the gain of E-FAS over purely space-wave propagation. For the multiuser case with zero-forcing (ZF) precoding, we derive the distribution of the signal-to-interference-plus-noise ratio (SINR) and obtain tractable approximations for the ergodic sum-rate, explicitly revealing how the E-FAS macro-gain interacts with the BS spatial degrees of freedom (DoF). In summary, our analysis shows that E-FAS preserves the diversity order dictated by small-scale fading while improving the coding gain enabled by cylindrical surface-wave propagation.