We were thinking about adding a feature to one of our boards, sort of a programmable circuit breaker thing. It would just be firmware, but it could add some thermal stress to some 1206 resistors. So I did a quick measurement:
A 1206 resistor, mounted normally on layer 6 of a 6-layer board, with a solid ground plane on layer 5, about 8 mils away. Hot-spot theta, measured with an IR viewer, was about 80 K/W. So this would be comfortable at, say, half a watt dissipation.
John