This is where it can get confusing as the QOS engine is now based off of bandwidth shaping as opposed to traditional QoS based. Your program's traffic is then calculated based on the ratio from either Strict Priority Queue (SPQ) or Weighted Fair Queue (WFQ) which you set.
As an example, say your ISP assigned 150Mbps pipe of download and 20Mbps upload, and you want to use all of it unrestricted. Disable QoS checkbox. If you test your speed performance from your favorite online speed testing website you should reach your 150Mbps down and 20Mbps up.
If you set your Down Speed to 20480kpbs (20Mbps), your Uplink to 16384kbps (16Mbps), enable the QoS, and save the settings, your speed test website should reflect the new speeds.
In Strict Priority Queue (SPQ), if you set one IP to an Application with Queue ID 1(Highest), and another Application with Queue ID 4 (best effort) you will see about a 75% to 25% split respectively in download bandwidth speeds.
In WFQ, you can assign the bandwidth based on percentage of how you see fit. The total Queue Weight must add up to 100%.
So this allows you to designate how much bandwidth to partition based off of the available Uplink and Downlink Speed that you set.
Hope this clears things up a bit. I suggest you try it to see if it meets your expectations.