Yes, Multilink ppp works great for bonding together more than one circuit. I have 6 Internet access T1's running to my 2651XM. I curently have a combination of single and dual WIC serial interfaces on the router. I'm pushing the limits on this hardware, but a replacement is in my future. Here's my example config.
controller T1 0/0
framing esf
linecode b8zs
channel-group 1 timeslots 1-24 speed 64
!
controller T1 0/1
framing esf
linecode b8zs
channel-group 1 timeslots 1-24 speed 64
!
controller T1 0/2
framing esf
linecode b8zs
channel-group 1 timeslots 1-24 speed 64
!
controller T1 0/3
framing esf
linecode b8zs
channel-group 1 timeslots 1-24 speed 64
!
!
!
interface Multilink48
ip address 59.129.219.62 255.255.255.252
ip access-group 102 in
ip access-group 101 out
ppp chap hostname group48
ppp multilink
ppp multilink group 48
ppp multilink fragment disable
!
interface FastEthernet0/0
ip address 59.129.254.254 255.255.255.0
ip access-group 115 in
ip access-group 115 out
no ip unreachables
speed 100
full-duplex
no keepalive
!
interface Serial0/0:1
no ip address
encapsulation ppp
no fair-queue
no cdp enable
ppp chap hostname group48
ppp multilink
ppp multilink group 48
!
interface FastEthernet0/1
no ip address
shutdown
duplex auto
speed auto
!
interface Serial0/1:1
no ip address
encapsulation ppp
no fair-queue
no cdp enable
ppp chap hostname group48
ppp multilink
ppp multilink group 48
!
interface Serial0/2:1
no ip address
encapsulation ppp
no fair-queue
no cdp enable
ppp chap hostname group48
ppp multilink
ppp multilink group 48
!
interface Serial0/3:1
no ip address
encapsulation ppp
no fair-queue
no cdp enable
ppp chap hostname group48
ppp multilink
ppp multilink group 48
!
interface Serial1/0
no ip address
encapsulation ppp
no ip mroute-cache
no fair-queue
service-module t1 timeslots 1-24
no cdp enable
ppp chap hostname group48
ppp multilink
ppp multilink group 48
!
interface Serial1/1
no ip address
encapsulation ppp
no ip mroute-cache
no fair-queue
service-module t1 timeslots 1-24
no cdp enable
ppp chap hostname group48
ppp multilink
ppp multilink group 48