This command basically enabled weighted fair queuring on ur router interface. this is one of the types of Quality of service parameters available.. You can have a look at this URL for some details on this command:
In short terms the 64 means the interface will queue up 64 packets deep per conversation before dropping any packets. The 256 is the number of queues or conversations that will be given "fair" access to the interface bandwidth. The 3 is the number of reservable queues supported for protocols such as RSVP.
The use of fair queuing ensures that no individual device can hog all the bandwidth and monopolize the link. In this case you are better to have fair queuing because the alternative is FIFO, I assume there are numerous devices that converse across this link. Before adding VOIP traffic maybe you should investigate a proper QOS strategy because VOIP packet drops impact voice quality and that is a bad thing. A starting point would be LLQ for the voice traffic and WFQ for the rest but only do this after investigating the current type of traffic and its profile. Some traffic will tolerate drops and delay better than others so remember QOS is giving better service to some traffic at the expense of the rest.
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