In the netparameters screen, you can set the maximum bandwith.
Is this the maximum bandwith for just the network traffic ?
If so, what value do you need to set it to per connected host ?
I have been playing around with it and for 5 hosts I need about 30Kb in order to get no sent queueds This seems quite a lot to me !
( I am writing on the settings for the FAQ and I am not really shure about this one )

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The complete settings screens will change in the next release of Phex. Also the configuration of the network bandwidth. It will all be much easier to understand hopefully.

The bandwidth you need for network depends on the hosts you are connect to. The more bandwidth you offer the more you will move towards the center of the network and you will be connected to very fast hosts which forward a high amount of traffic. If you over less bandwidth then hosts that are to fast for you will be dropped from either side and you will find a spot in the network that fits to you.