I believe you're misunderstanding the problems that occur on a cow filesystem. In fact btrfs already has an overcommit disk buffer, and is already doing many ENOSPACE handling tricks.
Reading more for my own interest it seams ZFS uses ZIL to help convert random writes to sequential, which helps with fragmentation under low space. I am curious if bcache, can operate similarly. In addition, I should also point out that this is less of an issue on SSD, due to the nature of how random reads/writes work there anyway (btrfs does a good job of being SSD aware).
Have a look; https://btrfs.wiki.kernel.org/index.php/ENOSPC
Reading more for my own interest it seams ZFS uses ZIL to help convert random writes to sequential, which helps with fragmentation under low space. I am curious if bcache, can operate similarly. In addition, I should also point out that this is less of an issue on SSD, due to the nature of how random reads/writes work there anyway (btrfs does a good job of being SSD aware).