I have a Cisco 3550 and want to apply rate limit on the interfaces for both ingress and egress.
As per Cisco documentation in
Understanding QoS Policing and Marking on the Catalyst 3550
"Policing is not to be confused with traffic shaping, although both make sure the traffic stays within the profile or contract.
Policing does not buffer the traffic, so policing does not affect the transmission delay. Instead of buffering out-of-profile packets, policing drops them or marks them with different QoS levels (DSCP markdown).
Traffic shaping buffers out-of-profile traffic and smoothes the traffic bursts, but affects the delay and delay variation. Shaping can only be applied on the outgoing interface, while policing can be applied on both the incoming and outgoing interface.
The Catalyst 3550 supports policing for both incoming and outgoing directions. Traffic shaping is not supported."
