nope, only a measure of the connection strength to the local mast. in my case we have one mast for O2 serving a workplace with over 3.5K people on it. Unfortunately we have a lot of what i term "IT lite" people, those with a basic knowledge but interest in technology but they are also generally quite well paid so happily paid through the nose for iphones/ipads etc when they first come out( only on O2 if you remember back to iphone 2G
). hence at 7:00 am I can get some data but only at 2G speed but come 8:30 when they all rock up to work the poor mast is completely overloaded and data becomes unuseable.
O2 refuse to even look into it as its only a 2G mast but if you ring and ask what its like they will tell you its "good data coverage inside and out".