Hello Yusef,

Bandwidth IMO is typically used to tell higher layer protocols ( like OSPF ,
etc ) the bandwidth of the interface. This is used in order to calculate
various metrics.

Priority however allows the router to prioritize certain packets (which
inturn helps in sending the packets earlier than the packets in the TX ring
queue ).

You can find a detailed comparision here ->
http://www.cisco.com/en/US/tech/tk543/tk757/technologies_tech_note09186a0080103eae.shtml

Cheers,
TacACK
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