The 343 Mbps shows the maximum throughput that the modem is capable of. Of course, no one offers service that fast except Google. They're experimenting with a full 1 Gig throughput circuit but only in limited test areas. The fastest I've seen so far is the 100 Mbps fiber circuit we just got, which is probably representative of most fiber circuits being installed in the US now. So 343 would be phenomenally fast but just not feasible right now to attain for most ISP's.
The 8 x 4 represents 8 parallel download channels and 4 parallel upload channels. The old one you had was probably a 4 x 4. The 8 x 4 does help increase speed a bit more because of the 8 download channels available.
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