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Well when it comes to un METERED it can be a good thing. However it won't come cheap. FDC Servers is the only cheap unmetered solution I know of. Other than that your talking probably $250/month lowest.
Unmetered means they hook you up to the internet and let your site go. They dont monitor the bandwidth. However they aren't claiming unlimited because they know that the machine your site is on, and the connection, can only push so much data in a period of time.
For virtual web hosting, there is no such thing as unlimited bandwidth. It just isn't possible to provide.
However, for dedicated servers you will see some providers offering for example a "10 mbit unmetered connection". This means that within this network connection, you can push as much bandwidth as you like, without ever having to pay for overages. Bear in mind that you'll only be able to burst up to 10mbps in such a setup though!
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Unlimited means unlimited, no limit on the bandwidth you push through your site and that is an outright lie. Un metered means unmonitored, but it is limited by the throughput of port you are on. Just like T1 connection the more users using it the slower it gets . So if your server is sitting on an unmetered 10mbps port you are limited by 10mbps, but nobody is going to charge you for overages. Sometimes it is not a bad deal as theoretically 10mbps means roughly 1.25MB per second transfer rate or roughly 3.24 terrabytes of data transfer per month. So if the hosting company has an umetered server it can offer unmetered deals to its customers. Problem is, if they have 400 high bandwidth sites on this box you are in for a long wait.
Unlimited/unmetered/unmonitored are not the same thing. I know people still can't get it through their heads, but a search here will tell different.
To meter, basically means to record for billing reasons.
To monitor, means to watch or observe.
RS does not monitor a 10 Meg unmetered drop. There is no reason. An unmetered virtual host will monitor other things to apply a limit to bandwidth for an unmetered BW account. Like resource use - no different then limiting cgi use.
Don't listen to the people who have no clue about unmetered vs. unlimited. While unlimited is a lie, unmetered is not and can be seen in use everyday. RS for example.