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I would assume that it can communicate at 500Mbps over the line between the 2 Powerline devices (in a lab environment?) Which is still pointless if it's only taking in the data at 100Mbps. Still kind of shady, but I also only get about 24Mbps down right now...
The devices themselves connect at 500mbps. The WiFi is 300mbps. So in theory, you can connect a WiFi device to use 300 of the 500, and a wired device to use 100mbps. So in total, you'll be able to maximize 400 of the 500 mbps. I agree it's not a perfect scenario, but network speeds are almost always used in this way. For example, our AC3200 router can operate at speeds up to 3200 combined, but one of the radios uses a 4x4 N150 chip that is only accessible by about 1% of the devices on the market today. Because of this the IEEE allows for some latitude regarding advertising. We leverage this to our advantage, as do other manufacturers.