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I'm curious -- Have you ever tried it? I could never get it to work.

It works well for me. I run it on my local machine to make the network more responsive during large downloads.

sudo wondershaper eth0 7500 850

You'll get better results from

sysctl -w net.core.default_qdisc=fq_codel

on as many machines as possible, and use something like OpenWRT's SQM instead of wondershaper on your router.

Slightly off topic -- is there a solid openwrt router you can recommend that supports 802.11AC?

I never managed to make it work either.

What are the pros/cons of using FireQoS vs. OpenWRT's SQM?

I don't know. I have never used SQM. I guess, FireQOS can work on your servers too. Read the article pointed by this post.