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Usually, when PPS is given, it's provided for minimum size Ethernet, but in some of the older Cisco performance documents, PPS didn't take into account L2.
I've attached one of Cisco later performance documents for the G2 ISRs. (Sorry, I don't have similar for ASRs). There you'll find the non-E 3925 can, for maximum size Ethernet, push up to 6.9 Gbps, but its only recommended for up to 100 Mbps (the latter accounts for duplex, mixed packets sizes, services and about a 25% CPU reserve).
I believe the ASR's bandwidth is also for minimum size Ethernet, but without services; also doesn't account for duplex.
The 2.5 Gbps should be good for a single gig duplex link (two gig interfaces), the 5 Gbps good for two gig duplex links (four gig interfaces).
On many platforms (especially software based routers), maximum PPS drops as packet size increases, but even with that drop, bandwidth throughput generally increases.
