As noted, when compared to something like a cable modem a T1 at 1.54mbit is generally slower (except that upstream bandwidth will usually exceed that of cable or xDSL) and is FAR more expensive. However, a T1 also comes with an SLA (service level agreement) and a CIR (committed information rate.)
That T1 will ALWAYS run at 1.54mbit--it doesn't matter if it's peak time, offpeak time, someone down the street is seeding fifty different torrents, etc. As long as your packets are still on your provider's network, you should see the full CIR (after they leave, who can say?)