We investigate the distribution of the waiting time V in an M/G/1 processor sharing queue with traffic intensity /spl rho/ x] = P[B > (1 - /spl rho/)x](1 + o(1)) Furthermore, we demonstrate that the preceding relationship does not hold if the job distribution has a lighter tail than e/sup -/spl radic/x/. This result provides a new tool for analyzing network congestion points with moderately heavy-tailed characteristics, e.g. log normal distributions, that have been recently empirically discovered in Web traffic. The accuracy of our approximation is confirmed with simulation experiments.