Yes. You can upload at nearly 512 kb/s and download at nearly 10 mb/s. But you cannot do both the jobs so fast at the same time. When you're downloading, downlink is used (of course), but uplink is used too. Similarly when you're uploading, not only uplink but also downlink is used.
So, given your queues are set as noted, you can only download at 7.2 mb/s and upload at 100 kb/s, simultaneously.
Btw, that calculation was merely idealistic, based on traffic patterns I've observed for MTU = 1500 bytes, which are
(0.015, 1, 0.04, 0.006) for bittorrent download, and
(1, 0.024, 0.008, 0.04) for rsync upload.
Please refer to my recent posts in "Traffic Shaping" box for what the figures mean and how to calculate.
For other MTU and other services (FTP, HTTP,...), traffic patterns would be different.