The nature of networking is exactly what you describe, first come, first served so if one person hogs all the bandwidth then there's nothing left for the other users.
As far as I know the 2700 doesn't support QOS (Quality Of Service), it might but I've not really looked them in detail. With this you would be able to change the priority of the data flowing through the router so web browsing etc got more bandwidth than P2P.
Dave