|Depends on the system but for the most part each channel has full speed to the media. |
Think of it like a guitar playing a G and A note for each 0 and 1 for host 1.
Host 2 has a B and C and so on.
The media has full access to the entire set of tones.
In more complex systems you'd have tone packages. Most would use 4/8 or some multiple of that to assign each channel with a group of tones for each + and - or 0 and 1. A full computer word would be transmitted each clock cycle and could be for each channel at each clock cycle.
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