OK, so I have five plausible choices for reliable internet access where I live: Dialup at about 31.2kbps, EDGE GPRS, satellite, or one of two crappy local WISPs. The least crappy one gives me 5Mbps when things are going well. It's fine for one person, but when two people in a household are using it, the result is that at least one person suffers.
A 4Mbps connection is enough to pay your bills and use Wikipedia, and to run updates or torrent at night, but it's still fairly frustrating. Life seems to begin around 10Mbps now. I suspect I could limp along with 7. I'm not even watching 1080p content (obviously) nor do I particularly care. I'd just like 720p to work reliably.
Perhaps my WISP is poorly peered, to boot. But 5Mbps ain't enough for me to not be frustrated, real world. Yeah, it's worlds better than dialup, which was just barely adequate for email when the connection was working well. But that's not really an interesting data point; we all know dialup is awful given today's data sizes.