Well, actually it depends on the queue management on each end. If it is a FIFO queue, in case you have eg a big FTP transfer between the two sites, it will consume the whole bandwidth while connections to Internet will suffer and telnet will seem unresponsive.
Normally you would put a router on each end, shape the output interface of the router (which probably is ethernet) to 4Mbps, configure a QoS policy and apply fair-queueing, random-detect. You could also prioritize or reserve bandwidth for some applications.