Yes, most of us have emergency fat reserves convinently tucked away in not-so-secret compartments in our bodies but as some others have already mentioned, it takes a bit for that metabolic pathway to kick in and even when it's running we are not going to be feeling or working anywhere near the top of our game. A few days without food isn't going to kill us but it'll certainly make us miserable.
Well, there goes my excuse for my spare tire.
Great topic!