Compared with cable, T1 and T3 have a "Guaranteed Rate", you can go as fast as 1.544 any time you want, but they can also go faster than that speed, depending on how busy the network is. (but at all times 1.544 Mbits/s per subscriber on the network is set aside, where others cannot touch it). Also compared with Cable, your upload is the same as your download, 1.544Mbits/s. A lot of companies prefer this guaranteed download and guaranteed upload speeds to run websites and mission-critical internet access off of. They're usually guaranteed in the 99.999% uptime range.
They also have a "Burst Rate", which means that for a second or two, the traffic to or from you may burst up to a certain rate higher than your regular connection speed.
You can also get Fractional-T1's in 64kbps channel incriments:
A full T1 is 23 * 64kbps channels = 1,472kbps
plus one signalling channel, at 64kbps (which, after call setup, can be used as a data channel.)
=1,536kbps (the missing 8k is for framing = not usable).
You can also take the individual channels and use voice or data over each of them, so when you buy a T1, you could hook up 23 phone lines, or 23 data pipes, or any combination you want. You can also connect T1 between two locations (instead of to the internet), so you can connect phones or data through that connection to the other location (great for offices with multiple locations).
As for the per-person question, the full bandwidth is available to everyone, it doesn't split in half when another host enters the network, they just have access to it. In the situation where they all used it equally, then yes, it would be HostA has half the bandwidth, HostB has the 2nd half (in theory). In reality, you have to measure in the activities of each host, burst speeds, and extra speeds granted to you.