Still missing it a bit. Signal bars don't mean speed of access. You can have 1 bar and if the backhaul is good and tower utilization is low, you could get 20 mbps.. whereas if you get 5 bars, and you're on a tower a lot of people are connected to, you could get 0.5 mbps. I wish they'd get rid of the bars all together. It should have an indication that it's either connected or it's not. Bars were good indicators of your service quality on older devices before IP became the way voice and data were transmitted, but it's just a silly and unnecessary piece of information to have on the screen now really, and it just causes misinformation and misunderstanding with users.
while you are correct in stating that signal bars do not mean speed of access, you will never get full capabilities with a low signal. It seems that iOS has updated signal to also take into account low SNR, since i've seen anywhere from 2-4 bars with signals reading -85. It has become less of a signal strength meter, and more of a signal quality meter (which i'm also noticing I spend a lot less time at full signal now than I did before), thus being a good indicator of a quality problem.