Sure. Actually we rarely get even that, except on domestic transfers. 1MB/sec is best-case, torrent-only scenario ~1-5AM. Makes you value mirror operators.
Around 300 kB/sec lets you get 1GB/hour, which means you can get a perfectly watchable 1080p movie in 2 hours. Yes it's nice now that I have 3 MB/sec down, but it wasn't hell before and I lived with that for 10+ years. Many people still have this kind of connection - typically billed as 5000 down / 800 up. Streaming, I have no idea.