I remember reading somewhere about a trick to view how fast iTunes is downloading a file. Click on the Downloads source item, and then click on the time remaining text for a downloading file. It changes to display a speed:

However, the savvy amongst you may realise this is pretty fast. Especially since my connection is a sloppy 256kbps (kilobits per second) - the fastest I can really download at is around 26 kilobytes per second. iTunes must really be measuring the speed in kilobits per second.
Sweater • Eskimo Joe • Triple J Hottest 100 - Volume 6 ★★½
hmmm it’s nice to teach your teacher :p …
b = bits
B = bytes
Kb = kilobits
KB = kilobytes
Mb = megabits
MB = megabytes
Gb = gigabits
GB = gigabytes
8 b = 1 B
1024 b = 1 Kb
1024 B = 1 KB
8 Kb = 1 KB
etc
… geez i thought you of all people would know this…
2 days, 5 hours after the fact.
Yeah, I do. Must have been before my brain woke up.
Do you know what half a byte is?
Answer: It’s a nybble. True story.
But seriously, most of the time people don’t make this distinction, and instead just use one in either place. And, I must say, this is the first time I’ve come across any application software that measures stuff in -bits per second, rather than -bytes, with the exception of communications software.
By the way, it should be kb/kB, not Kb/KB. K is not shorthand for kilo-, k is.
2 days, 6 hours after the fact.
And, in terms of transmission (this was true in the ‘old days’, not so sure if it is now) 1 byte was actually 10 bits, as there was a start bit, at the start, incidentally, and a stop bit at the end.
2 days, 6 hours after the fact.
itunes
1 year, 1 month after the fact.