Regarding your question the following excerpt from the document "Quality of Service for Voice over IP" explains:
"LLQ uses the MQC configuration method to provide priority to certain classes and to provide guaranteed minimum bandwidth for other classes. During periods of congestion, the priority queue is policed at the configured rate so that the priority traffic does not monopolize all the available bandwidth. (If the priority traffic monopolizes the bandwidth, it prevents bandwidth guarantees for other classes from being met.) If you provision LLQ correctly, the traffic going into the priority queue should never exceed the configured rate."
Basically the priority command will kick in at congestion times and reserve only that particular amount of bandwidth for the priority traffic, but when there is no congestion the rest of the classes would be able to use bandwidth from the priority class.
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loadbalancing is one of the more complex items in hardware forwarding. of course we have talked about it many years on cisco live (id 2904) with ever incrementing more detail. and there is the support forum article on loadbalancing.
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