A system and method of providing high speed, prioritized delivery of data packets over broadband communications networks that avoids inducing unwanted latency in data packet transmission. The system employs a hierarchical, real-time, weighted token bucket prioritization scheme that provides for fair sharing of the available network bandwidth. At least one token bucket is employed at each level of the hierarchy to meter data flows providing service applications included in multiple subscribers' service plans. Each token bucket passes, discards, or marks as being eligible for subsequent discarding data packets contained in the data flows using an algorithm that takes into account the priority of the data packets, including strict high, strict medium, and strict low priorities corresponding to strict priority levels that cannot be overridden. The algorithm also takes into account weighted priorities of at least a subset of the low priority data packets. The priority levels of these low priority data packets are weighted to provide for fair sharing of the available network bandwidth among the low priority data flows, and to assure that none of the low priority data flows is starved of service.