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Yes and no.
Etherchannel provides an aggregate bandwidth increase, but individual flows will only use one link.
If there's more that one flow, those flows might use different links, avoiding contending for bandwidth on the same link.
How well multiple flows are spread across multiple flows, depends on your traffic's attributes and the distribution hashing algorithm being used. (NB: BTW, a 3750's default hashing algorithm often should be changed, otherwise you might only see multi flow traffic using one link.)
