Not to a degree that would be of any use. In actuality, the main limiting factor you have is the amount of RAM in devices. The bandwidth just determines how quickly you can fill that RAM with useful data. 512kbps could be enough for providing general information, but would be too slow to provide detailed information in a timely manner. I guess it really depends on what format the data is being delivered (XML seems most likely), and any compression algorithms being used.
That would be welcome news for M2Z Networks, the Silicon Valley startup that has been backing the proposal, pledging to provide broadband access on the order of 512 Kbps to 95 percent of Americans within 10 years of winning the spectrum