For proper LACP bonding, both ends need to support the 802.3ad protocol. And even then speeds are not simply added together. For example, a 2 NIC LAG will not provide 2GB in IO, but more likely provide 1GB RX, and 1GB TX(provided it is multiple TCP connections).
A better configuration for Xen would be MPIO. This can provide additional bandwidth and redundancy.
This can help: http://www.ieee802.org/3/hssg/public...er_01_0407.pdf
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