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Yes that’s how the traditional phone system works, single pair from your house back to the exchange (via a jumper block in a cabinet nearby). Modern DSL equipment can get upto 50mbit aggregate speed over 1km of traditional phone wire (so 40/10, or 30/20 or however you would want to set it up)

Condition of the wire will effect it of course, aluminium wire, ground conditions, cross talk etc could lower your speed.

I think the difference with this product is the transceivers are $150 each and you don't need anything else to use them except for a couple of power supplies.

I do find it interesting that their box diagram claims a 2km range.

DSL uses a single pair, yes.

One catch is that ISPs rolling out VDSL, such as CenturyLink, are often using pair bonding. So despite a typical performance limit of 40/10, CL offers 80/20 in VDSL markets by taking advantage of the fact that homes are typically wired for two lines.