There is a reason that the telco's had to quit using this argument: it's blatantly false.

It sounds true, and it is true to a very limited extent; you have a wire from your house to a central location which is not shared. However, this doesn't do you one bit of good unless the connection from there to "the internet" can handle all of the users downloading at the highest speed at the same time. Here's a hint: any company to set things up this way would quickly be out of business.