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I've meant uplink only, but yeah. That's a lot of free bandwidth then!

You can't saturate 1 Gbit up and down at the same time. It would be either 1 Gbit up or down, or 500 Mbit both.

Why? 1GBit Ethernet is conventionally full-duplex.

Looks like you are right. I must have mixed up something I read recently.