Actually, with DWDM, that woul be an aggregate bandwidth. Each color / wavelength channel of light ( a "lamda") carries some chunk of bandwidth (like several-to-many channels of Gig E or OC2/12/48, for example) through the same pair of fiber concurrently. It's not a time division like with OC / SONET.
A popular use these days is to use a WDM blade in core switches situated around a large campus where each lamda carries a Gig E trunk for a given VLAN. Instead of one pair-per-trunk, you can have several trunks on one pair, each trunk carried on one lamda.
Even though a WDM / DWDM shelf or blade is extremely expensive (US$100K / shelf), many times it is cheaper than planting more fiber.
FWIW
Scott