  We study the microstates of the ``small'' black hole in the $\half$-BPS
sector of AdS$_5\times S^5$, the superstar of Myers and Tafjord, using the
powerful holographic description provided by LLM. The system demonstrates the
inherently statistical nature of black holes, with the geometry of Myer and
Tafjord emerging only after averaging over an ensemble of geometries. The
individual microstate geometries differ in the highly non-trivial topology of a
quantum foam at their core, and the entropy can be understood as a partition of
$N$ units of flux among 5-cycles, as required by flux quantization. While the
system offers confirmation of the most controversial aspect of Mathur and
Lunin's recent ``fuzzball'' proposal, we see signs of a discrepancy in
interpreting its details.
