Packet Switching involves virtual wires/routes. This will partition the bandwidth between a set of hosts/applications. Virtual "End to End" wire. Dumb network with smart endpoints.
Gaming, email, and web traffic can all share the bandwidth.
Pros: Resources are not wasted. All hosts can communicate semi-constantly. Routes can change dynamically; this allows faster connections to take over and further reliability.
Cons: Out of order delivery(Packets may take different routes). No guarantee for bandwidth because it is shared.