>> I have been on the air long enough to remember when there were serious
>> arguments for banishing all "phone" from the HF bands as a huge
>> spectrum-waster. Compared to CW and even most other digital modes, it
>> certainly is!
>>
> Though if you want a fair comparison, I suppose you should multiply the
> bandwidth used by the time factor needed to convey the same information.
> There aren't many CW ops who can send as fast as they can speak. :)

Spectral power density is a good way to express how to deal with this. 
It is how CDMA cellphones use very low power, but lots of bandwidth, 
versus TDMA (GSM) which use high peak power, but less bandwidth per 
call.  For a given cell band, CDMA can handle more calls.  SO for a 
given Amateur band...

Of course, it quickly gets very complex :-)

73,

Lyle KK7P

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